Why you should start your Limehouse lease extension

Why you should commence your Limehouse lease extension today:

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

Limehouse residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Lenders do not like short residential leases. You most probably experience problems if you want to sell your flat in Limehouse if the remaining term of your lease is under the criteria set by most lenders. Different lenders have varying criteria but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Limehouse lease extensions?

Lease extensions in Limehouse can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.

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 in-depth market knowledge procuring 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:

Freya, Limehouse, London,

Trailing unsuccessful negotiations with the landlord of her one bedroom flat in Limehouse, Freya commenced the lease extension process as the 80 year deadline was quickly coming. The legal work was concluded in November 2005. The freeholder’s charges were restricted to a tad over six hundred pounds.

Limehouse case:

Last year we were phoned by Mr and Mrs. S Cox , who bought a ground floor apartment in Limehouse in May 2010. We are asked if we could estimate the premium could be for a ninety year lease extension. Identical properties in Limehouse with 100 year plus lease were valued around £275,000. The average amount of ground rent was £45 collected monthly. The lease ran out in 2095. Given that there were 69 years outstanding we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus fees.