Main reasons to start your Slade Green lease extension

Main reasons to commence your Slade Green lease extension today:

A Slade Green leasehold property depreciates with the years remaining on the lease.

The nearer a residential lease in Slade Green nears to zero years unexpired, the more it reduces the value of the property. If the lease has, beyond 100 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner rather than later. Most flat owners in Slade Green will qualify for this right; that being said a conveyancer will be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Slade Green with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not grant a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Slade Green property.

What makes us experts in Slade Green lease extensions?

Retaining our service gives you better control over the value of your Slade Green leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Slade Green Lease Extension Case Studies:

Gabriel, Slade Green, Kent

Last year Gabriel, came perilously close to the eighty-year threshold with the lease on his leasehold apartment in Slade Green. Having bought his property two decades ago, the lease term was of no interest. Thankfully, he noticed he needed to take steps soon on Extending the lease. Gabriel was able to extend his lease at the eleventh hour last March. Gabriel and the freeholder eventually agreed on sum of £5,500 . If he had missed the deadline, the price would have gone up by at least £925.

Slade Green case:

Last Christmas we were called by Mr and Mrs. A Moreau , who purchased a basement flat in Slade Green in March 2002. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Identical flats in Slade Green with 100 year plus lease were in the region of £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease elapsed on 25 November 2087. Having 61 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 not including legals.