Why you should start your Sidcup lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sidcup property value

As the the remaining lease term of a Sidcup domestic lease lessens so does its value and therefore the value of your property. If the lease has, more than 100 years to run then this decrease may be fractional that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. Most flat owners in Sidcup will qualify for this right; that being said a conveyancing solicitor should be able to confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Sidcup with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not grant a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Sidcup with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

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

Lease extensions in Sidcup can be a difficult process. We recommend you secure professional help 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 in-depth market knowledge procuring Sidcup lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sidcup Lease Extension Example Cases:

Kayleigh, Sidcup, Kent,

Following unsuccessful correspondence with the landlord of her studio apartment in Sidcup, Kayleigh initiated the lease extension process as the 80 year mark was rapidly coming. The lease extension was finalised in May 2010. The landlord’s fees were kept to an absolute minimum.

Sidcup case:

Last Winter we were e-mailed by Mr and Mrs. C Harris , who was assigned a lease of a basement flat in Sidcup in June 1995. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative premises in Sidcup with 100 year plus lease were valued around £255,000. The average ground rent payable was £50 invoiced per annum. The lease expired on 12 April 2097. Having 71 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.