Why you should start your Slade Green lease extension

Top reasons for lease extension now:

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

The market value of Slade Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is below than eighty years

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

Leasehold properties in Slade Green with in excess of 100 years left 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 situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not issue a mortgage with a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Slade Green property being difficult to sell or refinance.

Why use us for your lease extension in Slade Green?

Using our service will provide you increased control over the value of your Slade Green leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers 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 Summaries:

Mia, Slade Green, Kent,

Following lengthy correspondence with the freeholder of her studio flat in Slade Green, Mia commenced the lease extension process just as her lease was approaching the critical 80-year threshold. The transaction completed in October 2009. The freeholder’s charges were restricted to below 550 GBP.

Slade Green case:

In 2009 we were e-mailed by Ms Isabel Clarke who, having bought a first floor flat in Slade Green in August 2009. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable homes in Slade Green with 100 year plus lease were valued about £257,800. The mid-range ground rent payable was £65 collected quarterly. The lease expired on 28 September 2091. Taking into account 65 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of fees.