Top reasons for St Mary Cray lease extension

Main reasons to commence your St Mary Cray lease extension today:

Increase your lease and increase your St Mary Cray property value

Chances are that where you own a flat in St Mary Cray you actually own a long leasehold interest over your property

St Mary Cray property with a lease extension is almost the same value as a freehold

Leasehold residencies in St Mary Cray with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in St Mary Cray lease extensions?

The conveyancing solicitors that we work with procure St Mary Cray 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 Mary Cray Lease Extension Case Summaries:

Connor, St Mary Cray, South East London,

Connor was the the leasehold proprietor of a high value apartment in St Mary Cray on the market with a lease of a few days over 59 years unexpired. Connor informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Connor to exercise his statutory right. Connor procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

St Mary Cray case:

Mr A Wright acquired a basement apartment in St Mary Cray in May 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in St Mary Cray with an extended lease were valued around £242,600. The average amount of ground rent was £45 billed per annum. The lease expired on 8 November 2093. Given that there were 67 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 exclusive of legals.