Why you should commence your Shoreditch lease extension

Main reasons to commence your Shoreditch lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Shoreditch. Clearly, the term of lease left shortens as time goes by. This is often overlooked and only raises itself as an issue when the residence needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Shoreditch have the legal entitlement to extend the lease for a further ninety years under legislation. You should give careful deliberation before delaying your Shoreditch lease extension. Holding off the cost now simply increases the price you will ultimately have to pay for a lease extension

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

It is generally accepted 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 45 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies with a short lease

Why use us for your lease extension in Shoreditch?

Regardless of whether you are a tenant or a landlord in Shoreditch,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Shoreditch valuers.

Shoreditch Lease Extension Example Cases:

Bethan, Shoreditch, London,

Following protracted correspondence with the landlord of her purpose-built flat in Shoreditch, Bethan commenced the lease extension process as the eighty year deadline was fast approaching. The transaction completed in September 2005. The freeholder’s fees were restricted to approximately 450 GBP.

Shoreditch case:

In 2013 we were called by Ms Charlotte Michel who, having was assigned a lease of a first floor flat in Shoreditch in February 2011. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative residencies in Shoreditch with 100 year plus lease were worth £240,600. The average ground rent payable was £60 invoiced per annum. The lease lapsed in 2088. Considering the 62 years left we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of legals.