Top reasons for Slade Green lease extension

Top reasons for lease extension now:

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

Slade Green leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Slade Green tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Slade Green you should check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be inadequate security.

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

Lease extensions in Slade Green can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.

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 a wealth of experience dealing with Slade Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Slade Green Lease Extension Case Summaries:

Jack, Slade Green, Kent,

Jack was the the leasehold owner of a conversion flat in Slade Green being marketed with a lease of a few days over 61 years outstanding. Jack informally approached his freeholder a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Jack to exercise his statutory right. Jack obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Slade Green case:

In 2010 we were phoned by Mr and Mrs. W James who, having bought a basement apartment in Slade Green in September 1998. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Comparable residencies in Slade Green with a long lease were worth £210,000. The mid-range ground rent payable was £50 collected quarterly. The lease elapsed in 2106. Taking into account 80 years remaining we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.