Main reasons to start your St John's Wood lease extension

Top reasons for lease extension now:

A St John's Wood leasehold property depreciates with the years remaining on the lease.

St John's Wood leases on domestic properties are gradually losing value. if your lease has about ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease falls under eighty years - otherwise a higher premium will be payable. Leasehold owners in St John's Wood will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.

St John's Wood property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 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 left, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not lend with a short lease

Why use us for your lease extension in St John's Wood?

Irrespective of whether you are a tenant or a freeholder in St John's Wood,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with St John's Wood valuers.

St John's Wood Lease Extension Example Cases:

Amy, St John's Wood, London,

Following lengthy correspondence with the landlord of her one bedroom apartment in St John's Wood, Amy started the lease extension process as the eighty year mark was swiftly coming. The legal work completed in January 2012. The landlord’s costs were negotiated to about six hundred pounds.

St John's Wood case:

In 2009 we were approached by Mr and Mrs. G Adams who, having moved into a recently refurbished apartment in St John's Wood in November 2007. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparative flats in St John's Wood with a long lease were in the region of £218,000. The mid-range ground rent payable was £45 billed per annum. The lease elapsed in 2089. Taking into account 63 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of professional charges.