Main reasons to commence your Strawberry Hill lease extension

Top reasons for lease extension now:

A Strawberry Hill lease depreciates with the years remaining on the lease.

The closer a domestic lease in Strawberry Hill nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, over 99 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. Many flat owners in Strawberry Hill will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to lend with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to encounter problems if you want to sell your flat in Strawberry Hill if the remaining term of your lease is less than the criteria set by most mortgage companies. Different lenders have different criteria but in the main they are looking for an unexpired term of at least seventy years.

What makes us experts in Strawberry Hill lease extensions?

The conveyancing solicitors that we work with procure Strawberry Hill 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.

Strawberry Hill Lease Extension Case Summaries:

Katherine, Strawberry Hill, North London,

Off the back of unsuccessful negotiations with the freeholder of her two bedroom flat in Strawberry Hill, Katherine started the lease extension process as the eighty year threshold was quickly advancing. The transaction was finalised in July 2007. The freeholder’s costs were negotiated to under six hundred pounds.

Strawberry Hill case:

In 2012 we were contacted by Mr and Mrs. F Green who, having took over the lease of a ground floor flat in Strawberry Hill in July 2007. We are asked if we could estimate the premium could be to extend the lease by ninety years. Comparable premises in Strawberry Hill with an extended lease were valued around £280,000. The mid-range ground rent payable was £45 collected quarterly. The lease elapsed in 2095. Having 69 years outstanding we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.