Top reasons for Longford lease extension

Main reasons to start your Longford lease extension today:

Increase your lease and increase your Longford property value

Longford leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Longford will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are also strict timetables and steps to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.

Longford property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lenders will not lend with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may be problematic once you come to dispose of or refinance your flat as it will be practically unmortgageable. You may have no imminent plan to sell but when you do your buyer must hold off for two years before they can commence the legal procedures for a lease extension.

What makes us experts in Longford lease extensions?

Engaging our service will provide you better control over the value of your Longford leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Longford Lease Extension Case Studies:

Hannah, Longford, West London,

In the wake of eight months of unsuccessful discussions with the landlord of her garden apartment in Longford, Hannah commenced the lease extension process as the eighty year mark was quickly nearing. The legal work was concluded in January 2007. The freeholder’s charges were kept to an absolute minimum.

Longford case:

Mr Jake Garcia purchased a one bedroom apartment in Longford in January 2004. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Longford with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease finished on 19 August 2104. Having 78 years remaining we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including fees.