Why you should start your Silvertown lease extension

Why you should commence your Silvertown lease extension today:

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

As the length of the unexpired term of a Silvertown domestic lease diminished so does its value and therefore the value of your property. Where the lease has, over 99 years to run then this decrease may be of little impact that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Silvertown will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions will not finance a property on a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is likely that someone intending to acquire your property in the future might well do, so where they can't get a mortgage, then the financial worth of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Silvertown?

The conveyancers that we work with handle Silvertown 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 lawyer we work with provide it.

Silvertown Lease Extension Case Studies:

Naomi, Silvertown, London,

Off the back of lengthy negotiations with the landlord of her first floor flat in Silvertown, Naomi started the lease extension process as the 80 year deadline was swiftly nearing. The legal work was concluded in March 2015. The freeholder’s fees were kept to an absolute minimum.

Silvertown case:

Last month we were e-mailed by Mrs S Miller , who bought a purpose-built apartment in Silvertown in March 1996. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical properties in Silvertown with an extended lease were valued about £200,800. The mid-range ground rent payable was £65 collected monthly. The lease concluded on 14 July 2085. Given that there were 60 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 exclusive of fees.