Top reasons for Nunhead lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Nunhead. Clearly, the term of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Nunhead have the legal entitlement to extend the lease for a further ninety years under Leasehold Reform legislation. You should give careful deliberation before delaying your Nunhead lease extension. Putting off the cost now only increases the price you will eventually incur to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold premises in Nunhead with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to grant a mortgage with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term drops under a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Nunhead home.

What makes us experts in Nunhead lease extensions?

Engaging our service gives you enhanced control over the value of your Nunhead leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Nunhead Lease Extension Case Summaries:

Maisie, Nunhead, South East London,

Off the back of protracted discussions with the freeholder of her garden apartment in Nunhead, Maisie started the lease extension process as the 80 year mark was rapidly advancing. The legal work was concluded in March 2006. The freeholder’s costs were negotiated to less than 700 GBP.

Nunhead case:

Last Winter we were e-mailed by Mr and Mrs. R Miller , who owned a studio apartment in Nunhead in September 2007. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative flats in Nunhead with an extended lease were valued about £191,000. The mid-range ground rent payable was £65 billed quarterly. The lease terminated in 2084. Taking into account 58 years unexpired we calculated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of costs.