Top reasons for Sewardstonebury lease extension

Why you should start your Sewardstonebury lease extension today:

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

Unfortunately that a Sewardstonebury residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Sewardstonebury property market.Once your lease nears 85ish years, you should start considering a lease extension. If the number of years remaining dips below 80 years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Sewardstonebury will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancer from beginning to end of the process.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to finance a property with a short lease

Most mortgage lenders insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so where they can't secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Sewardstonebury lease extensions?

The lawyers that we work with procure Sewardstonebury 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.

Sewardstonebury Lease Extension Example Cases:

Nathaniel, Sewardstonebury, North East London,

Nathaniel was the the leasehold owner of a high value flat in Sewardstonebury on the market with a lease of fraction over 59 years outstanding. Nathaniel informally contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Sewardstonebury case:

In 2011 we were called by Mr and Mrs. C Clark who, having bought a recently refurbished apartment in Sewardstonebury in March 2010. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Identical residencies in Sewardstonebury with 100 year plus lease were valued about £218,000. The mid-range amount of ground rent was £45 collected annually. The lease end date was on 27 February 2089. Given that there were 63 years outstanding we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including expenses.

Sewardstonebury case:

Dr D Scott bought a one bedroom apartment in Sewardstonebury in March 2000. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Similar residencies in Sewardstonebury with a long lease were worth £270,000. The mid-range amount of ground rent was £55 collected per annum. The lease lapsed on 2 August 2100. Taking into account 74 years remaining we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.