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

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

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

Silvertown Lease Extension Example Cases:

Maisie, Silvertown, London,

Subsequent to lengthy negotiations with the landlord of her studio flat in Silvertown, Maisie commenced the lease extension process as the eighty year threshold was rapidly coming. The legal work was finalised in June 2015. The freeholder’s fees were kept to an absolute minimum.

Silvertown case:

Mr Elijah Mitchell completed a one bedroom flat in Silvertown in February 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical residencies in Silvertown with an extended lease were worth £200,800. The mid-range ground rent payable was £65 billed per annum. The lease ended on 4 July 2085. Having 60 years outstanding we estimated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 not including fees.