Top reasons for New Eltham lease extension

Main reasons to commence your New Eltham lease extension today:

Increase your lease and increase your New Eltham property value

There is no doubt about it a leasehold property in New Eltham is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 99 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in New Eltham will meet the qualifying criteria; that being said a conveyancer will be able to advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

New Eltham 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 roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lending institutions have specific criteria when lending monies secured on leasehold homes. Many will simply refuse lend at all once the residual lease term goes below a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your New Eltham property.

What makes us experts in New Eltham lease extensions?

Lease extensions in New Eltham can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.

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 New Eltham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

New Eltham Lease Extension Example Cases:

Ryan, New Eltham, South East London,

Ryan owned a studio flat in New Eltham being marketed with a lease of fraction over 61 years remaining. Ryan on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Ryan to exercise his statutory right. Ryan procured expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

New Eltham case:

In 2010 we were phoned by Dr T Mason who, having completed a one bedroom flat in New Eltham in November 1999. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Similar premises in New Eltham with a long lease were worth £198,800. The average ground rent payable was £55 invoiced annually. The lease expired on 21 July 2081. Considering the 55 years remaining we approximated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 not including expenses.