Main reasons to commence your Shortlands lease extension

Main reasons to commence your Shortlands lease extension today:

Increase your lease and increase your Shortlands property value

For anyone whose Shortlands flat is held on a long lease, the message is clear – if nothing is done, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend on a short lease

Why use us for your lease extension in Shortlands?

Irrespective of whether you are a tenant or a freeholder in Shortlands,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shortlands valuers.

Shortlands Lease Extension Example Cases:

Toby, Shortlands, Kent

Twenty four months ago Toby, started to get near to the 80-year mark with the lease on his ground floor flat in Shortlands. In buying his flat two decades ago, the unexpired term was of minimal bearing. Luckily, he became aware that he needed to take action soon on a lease extension. Toby arranged for a lease extension just in the nick of time in January. Toby and the landlord ultimately settled on a premium of £6,000 . If the lease had descended below 80 years, the price would have gone up by at least £1,025.

Shortlands case:

Ms Paige Brooks was assigned a lease of a garden flat in Shortlands in January 1997. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar properties in Shortlands with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease finished on 6 February 2100. Taking into account 74 years left we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.