Top reasons for Roehampton lease extension

Main reasons to start your Roehampton lease extension today:

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

The market value of Roehampton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

Roehampton property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

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

The lawyers that we work with undertake 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 lawyer we work with provide it.

Roehampton Lease Extension Example Cases:

Benjamin, Roehampton, South West London,

Benjamin owned a high value apartment in Roehampton on the market with a lease of just over 72 years remaining. Benjamin informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Benjamin to exercise his statutory right. Benjamin procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Roehampton case:

Mr and Mrs. T Robinson took over the lease of a one bedroom apartment in Roehampton in April 2010. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Roehampton with an extended lease were valued around £280,000. The average ground rent payable was £45 billed annually. The lease lapsed in 2096. Taking into account 70 years outstanding we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.