Top reasons for Roehampton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Roehampton property value

Roehampton leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease drops under 80 years - otherwise a higher premium will be due. Flat owners in Roehampton will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Roehampton with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to finance a property on a short lease

Lenders do not like short residential leases. You most probably encounter problems if you wish to sell your flat in Roehampton if the unexpired term of your lease is below the criteria set by most lenders. Different mortgage companies have different requirements but in the main they are looking for a minimum remaining lease term of seventy years.

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

The lawyers that we work with procure Roehampton 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.

Roehampton Lease Extension Example Cases:

Arthur, Roehampton, South West London,

Arthur was the the leasehold proprietor of a conversion flat in Roehampton being sold with a lease of a little over sixty years unexpired. Arthur informally spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Arthur to invoke his statutory right. Arthur procured expert advice and was able to make an informed decision and deal with the matter and sell the flat.

Roehampton case:

In 2011 we were e-mailed by Ms Eleanor Petit who, having completed a first floor apartment in Roehampton in February 1997. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar residencies in Roehampton with an extended lease were in the region of £240,600. The average ground rent payable was £65 collected quarterly. The lease finished on 14 March 2088. Given that there were 62 years outstanding we calculated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus expenses.