Top reasons for Rainham lease extension

Top reasons for lease extension now:

A Rainham leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Rainham residential lease lessens so does its value and therefore the value of your property. Where the residual term has, more than 125 years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending sooner than later. Most flat owners in Rainham will meet the qualifying criteria; that being said a conveyancer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Rainham with in excess of 100 years unexpired 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 reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions will not lend with a short lease

Banks and building societies are really restricting their approach as regards to homes in Rainham with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing the number of potential purchasers.

Why use us for your lease extension in Rainham?

Using our service will provide you better control over the value of your Rainham leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Rainham Lease Extension Case Summaries:

Yasmin, Rainham, London,

Off the back of protracted negotiations with the freeholder of her two bedroom flat in Rainham, Yasmin started the lease extension process as the eighty year mark was swiftly coming. The transaction was finalised in August 2013. The landlord’s fees were kept to an absolute minimum.

Rainham case:

Last Spring we were phoned by Dr Reuben Dupont , who took over the lease of a ground floor apartment in Rainham in June 2009. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar premises in Rainham with an extended lease were worth £183,600. The mid-range ground rent payable was £65 billed yearly. The lease expired in 2083. Considering the 57 years remaining we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.