Top reasons for St Leonard Shoreditch lease extension

Top reasons for lease extension now:

A St Leonard Shoreditch lease depreciates with the years remaining on the lease.

The market value of a leasehold property in St Leonard Shoreditch depends on how long the lease has remaining. If it is near to or less than eighty years you should anticipate difficulties on re-sale, so it is advisable to arrange for a lease extension prior to purchasing. Ideally one should start the lease extension process when a lease still has 82 years remaining so that a lease extension can be finalised prior to the 80 year threshold. Statute entitles St Leonard Shoreditch qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of 90 years. The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in St Leonard Shoreditch with over 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 freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not loan monies with a short lease

What makes us experts in St Leonard Shoreditch lease extensions?

The conveyancing solicitors that we work with handle St Leonard Shoreditch lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

St Leonard Shoreditch Lease Extension Case Studies:

Robyn, St Leonard Shoreditch, London,

Subsequent to lengthy correspondence with the landlord of her one bedroom apartment in St Leonard Shoreditch, Robyn commenced the lease extension process as the 80 year mark was rapidly advancing. The lease extension was finalised in October 2015. The freeholder’s costs were kept to an absolute minimum.

St Leonard Shoreditch case:

In 2013 we were contacted by Mr and Mrs. K Flores who, having acquired a one bedroom apartment in St Leonard Shoreditch in January 2002. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar flats in St Leonard Shoreditch with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 collected monthly. The lease came to a finish in 2104. Considering the 78 years unexpired we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.