Top reasons for Shoreditch lease extension

Why you should commence your Shoreditch lease extension today:

Increase your lease and increase your Shoreditch property value

Shoreditch leases on residential properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Shoreditch will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.

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

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies do not lend on short residential leases. You most probably encounter difficulties where you want to sell your flat in Shoreditch if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different lenders have varying criteria but in the main they are looking for an unexpired term of at least 65 years.

Get in touch with one of our Shoreditch lease extension solicitors or enfranchisement solicitors

Lease extensions in Shoreditch can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Shoreditch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Shoreditch Lease Extension Example Cases:

Chloe, Shoreditch, London,

After unsuccessful negotiations with the landlord of her basement flat in Shoreditch, Chloe commenced the lease extension process as the 80 year deadline was fast nearing. The transaction was finalised in July 2009. The freeholder’s costs were restricted to about 550 GBP.

Shoreditch case:

Last month we were contacted by Mr Riley Reed , who purchased a one bedroom apartment in Shoreditch in June 2009. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparative homes in Shoreditch with 100 year plus lease were in the region of £171,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease ended on 24 February 2076. Taking into account 50 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of legals.