Why you should commence your South East London lease extension

Why you should commence your South East London lease extension today:

A South East London leasehold property depreciates with the years remaining on the lease.

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in South East London have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Do give careful consideration before delaying your South East London lease extension. Putting off that expense today simply escalates the premium you will ultimately have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Why use us for your lease extension in South East London?

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

South East London Lease Extension Case Studies:

Sebastian, South East London, London

During the course of the last few months Sebastian, came very close to the 80-year mark with the lease on his purpose- built apartment in South East London. Having purchased his flat 18 years ago, the length of the lease was of little interest. Luckily, he became aware that he needed to take steps soon on a lease extension. Sebastian was able to extend his lease just ahead of time in September. Sebastian and the freeholder via the management company subsequently settled on a premium of £6,000 . If the lease had slipped lower than eighty years, the premium would have escalated by a minimum £1,075.

South East London case:

In 2014 we were e-mailed by Mr and Mrs. D Watson who, having owned a garden apartment in South East London in October 2000. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar properties in South East London with 100 year plus lease were valued around £265,000. The mid-range amount of ground rent was £55 billed monthly. The lease ran out in 2100. Having 74 years outstanding we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.