Why you should commence your Strawberry Hill lease extension

Why you should commence your Strawberry Hill lease extension today:

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

Owning a apartment 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 , usually 99 or 125 years, although we have come across longer and shorter terms in Strawberry Hill. Inevitably, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Strawberry Hill have the right to extend the lease for a further 90 years under statute. You should give careful attention before delaying your Strawberry Hill lease extension. Holding off that expense now only increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

Leasehold premises in Strawberry Hill with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend with a short lease

Many mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Strawberry Hill lease extensions?

Regardless of whether you are a tenant or a landlord in Strawberry Hill,the lease extension lawyers 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 Strawberry Hill valuers.

Strawberry Hill Lease Extension Case Studies:

Nathan, Strawberry Hill, North London

Half a year ago Nathan, came perilously near to the eighty-year mark with the lease on his one bedroom flat in Strawberry Hill. In buying his property twenty years previously, the length of the lease was of little relevance. Fortunately, he recognised he needed to take steps soon on Extending the lease. Nathan was able to extend his lease just under the wire last April. Nathan and the landlord who owned the flat above in the end settled on an amount of £5,500 . If he not met the deadline, the amount would have become more exhorbitant by a minimum £1,100.

Strawberry Hill case:

Last Winter we were phoned by Mr W Ali , who owned a newly refurbished apartment in Strawberry Hill in November 2005. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparative homes in Strawberry Hill with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 billed monthly. The lease terminated in 2076. Having 51 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus expenses.