Why you should start your Netherne lease extension

Why you should commence your Netherne lease extension today:

Increase your lease and increase your Netherne property value

Netherne leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Netherne residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Netherne you really ought to investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Netherne leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Netherne property being difficult to sell or to obtain finance on.

Get in touch with one of our Netherne lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Netherne lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Netherne Lease Extension Example Cases:

Stephanie, Netherne, South London,

Trailing unsuccessful negotiations with the landlord of her leasehold apartment in Netherne, Stephanie initiated the lease extension process as the 80 year mark was swiftly approaching. The lease extension was finalised in April 2010. The landlord’s costs were negotiated to a tad over 600 pounds.

Netherne case:

Last year we were contacted by Mr R André , who owned a newly refurbished flat in Netherne in January 1998. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative residencies in Netherne with a long lease were valued about £198,800. The average ground rent payable was £55 billed monthly. The lease terminated in 2081. Taking into account 55 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including expenses.