Why you should commence your Sheen Park lease extension

Why you should commence your Sheen Park lease extension today:

Increase your lease and increase your Sheen Park property value

As the length of the unexpired term of a Sheen Park domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, beyond 99 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease sooner as opposed to later. The majority of flat owners in Sheen Park will qualify for this right; that being said a conveyancing solicitor can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold properties in Sheen Park with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wishing to acquire your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of the property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Sheen Park?

The conveyancers that we work with handle Sheen Park 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.

Sheen Park Lease Extension Case Studies:

Ella, Sheen Park, South West London,

Subsequent to protracted discussions with the freeholder of her purpose-built apartment in Sheen Park, Ella started the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction was finalised in September 2005. The freeholder’s charges were kept to an absolute minimum.

Sheen Park case:

Dr Isaac García moved into a basement apartment in Sheen Park in April 2008. The question was if we could estimate the price would likely be to extend the lease by ninety years. Comparable residencies in Sheen Park with 100 year plus lease were in the region of £193,400. The average ground rent payable was £65 collected quarterly. The lease terminated in 2085. Having 59 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of expenses.