Main reasons to commence your Sheen Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sheen Park property value

With a domestic leasehold property in Sheen Park, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than eighty years remaining. Anyone in Sheen Park with a lease nearing 81 years unexpired should seriously think of extending it sooner than later. When the lease term has below eighty years left, under the relevant legislation the landlord is entitled to calculate and charge a greater amount, based on a technical multiplication, known as “marriage value” which is due.

Sheen Park property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Why use us for your lease extension in Sheen Park?

The conveyancing solicitors that we work with procure 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 conveyancer we work with provide it.

Sheen Park Lease Extension Case Summaries:

Arthur, Sheen Park, South West London,

Arthur was the the leasehold proprietor of a high value apartment in Sheen Park being sold with a lease of a little over sixty years remaining. Arthur informally spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert legal guidance and secured satisfactory resolution informally and sell the flat.

Sheen Park case:

In 2010 we were phoned by Mr L Young who, having was assigned a lease of a one bedroom flat in Sheen Park in January 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparable homes in Sheen Park with a long lease were in the region of £254,200. The mid-range amount of ground rent was £60 invoiced yearly. The lease end date was in 2077. Considering the 51 years as a residual term we estimated the premium to the landlord for the lease extension to be between £43,700 and £50,600 not including professional charges.