Top reasons for Nunhead lease extension

Why you should commence your Nunhead lease extension today:

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

The value of Nunhead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the unexpired lease term is below than eighty years

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

Leasehold residencies in Nunhead with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This will cause difficulties once you wish to sell or refinance your property as it will be practically unmortgageable. You might not have an immediate desire to sell but when you do your purchaser will have to hold off for a couple of years before being able to commence the legal procedures for an extension to the lease.

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

Lease extensions in Nunhead can be a difficult process. We recommend you procure guidance from a lawyer 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 Nunhead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Nunhead Lease Extension Case Summaries:

Poppy, Nunhead, South East London,

Following unsuccessful negotiations with the landlord of her studio flat in Nunhead, Poppy started the lease extension process as the 80 year mark was swiftly nearing. The lease extension was finalised in April 2007. The landlord’s charges were restricted to about 550 pounds.

Nunhead case:

In 2009 we were e-mailed by Mr and Mrs. M Vincent who, having bought a one bedroom flat in Nunhead in June 2007. We are asked if we could estimate the price would be for a 90 year lease extension. Similar residencies in Nunhead with a long lease were in the region of £235,200. The mid-range amount of ground rent was £45 invoiced per annum. The lease ended in 2092. Having 66 years left we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of costs.