Main reasons to commence your Limehouse lease extension

Why you should start your Limehouse lease extension today:

A Limehouse lease depreciates with the years remaining on the lease.

The nearer a domestic lease in Limehouse gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Limehouse will qualify for this right; however a conveyancer can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

The propensity since 2008 has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Limehouse lease extensions?

Lease extensions in Limehouse can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Limehouse lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Limehouse Lease Extension Example Cases:

Gemma, Limehouse, London,

Trailing protracted negotiations with the freeholder of her studio apartment in Limehouse, Gemma started the lease extension process just as her lease was coming close to the critical 80-year mark. The lease extension was finalised in October 2005. The freeholder’s fees were restricted to approximately 600 GBP.

Limehouse case:

In 2013 we were e-mailed by Mr W Mitchell who, having acquired a one bedroom flat in Limehouse in April 2010. The question was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative residencies in Limehouse with 100 year plus lease were worth £208,600. The average ground rent payable was £60 billed yearly. The lease expired on 23 July 2083. Having 57 years outstanding we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including expenses.