Main reasons to commence your Sheen Park lease extension

Main reasons to commence your Sheen Park lease extension today:

Increase your lease and increase your Sheen Park property value

When it comes to residential leasehold premises in Sheen Park, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive notably once there are fewer than eighty years left. Leasehold owners in Sheen Park with a lease approaching 81 years unexpired should seriously think of extending it sooner rather than later. Once the lease term has fewer than 80 years remaining, under the current legislation the landlord is entitled to calculate and levy a larger amount, based on a technical computation, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to grant a mortgage with a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably encounter problems where you wish to sell your flat in Sheen Park if the remaining term of your lease is under the criteria set by the majority of mortgage companies. Different lenders have varying criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Sheen Park lease extensions?

Retaining our service will provide you better control over the value of your Sheen Park leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Sheen Park Lease Extension Example Cases:

Amber, Sheen Park, South West London,

Subsequent to protracted negotiations with the landlord of her two bedroom flat in Sheen Park, Amber commenced the lease extension process just as her lease was coming close to the critical eighty-year threshold. The lease extension completed in May 2007. The freeholder’s charges were kept to an absolute minimum.

Sheen Park case:

In 2010 we were called by Ms U White who, having moved into a garden apartment in Sheen Park in June 1997. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Similar premises in Sheen Park with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 invoiced quarterly. The lease concluded in 2104. Given that there were 78 years unexpired we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.