Top reasons for St Luke's lease extension

Main reasons to start your St Luke's lease extension today:

Increase your lease and increase your St Luke's property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in St Luke's. Clearly, the period of lease remaining shortens over time. This may pass by relatively unnoticed when the property needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in St Luke's have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Please give careful consideration before delaying your St Luke's lease extension. Holding off the cost now likely increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold properties in St Luke's with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not finance a property on a short lease

Nearly all mortgage companies will not lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your St Luke's property becoming difficult to sell or to obtain finance on.

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

Lease extensions in St Luke's can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with St Luke's lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

St Luke's Lease Extension Case Studies:

Omar, St Luke's, North London

During the course of the last few months Omar, started to get close to the 80-year mark with the lease on his leasehold flat in St Luke's. In buying his home two decades ago, the unexpired term was of no bearing. Thankfully, he realised he would soon be paying way over the odds for a lease extension. Omar arranged for a lease extension just under the wire last March. Omar and the freeholder subsequently settled on the final figure of £5,000 . If the lease had dipped below eighty years, the sum would have escalated by a minimum £1,025.

St Luke's case:

In 2010 we were e-mailed by Mr and Mrs. O Laurent who, having acquired a recently refurbished apartment in St Luke's in September 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Similar residencies in St Luke's with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 collected monthly. The lease finished on 4 April 2105. Having 79 years remaining we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of expenses.