Main reasons to commence your Strawberry Hill lease extension

Main reasons to commence your Strawberry Hill lease extension today:

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

When it comes to residential leasehold property in Strawberry Hill, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years left. Anyone in Strawberry Hill with a lease nearing 81 years remaining should seriously think of extending it without delay. Once a lease has fewer than 80 years left, under the current Act the landlord is entitled to calculate and levy a greater amount, based on a technical computation, strangely termed as “marriage value” which is due.

Strawberry Hill property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

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

Many mortgage companies require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are unable to get a mortgage, then the value of your property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Strawberry Hill lease extensions?

Retaining our service gives you increased control over the value of your Strawberry Hill leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Strawberry Hill Lease Extension Example Cases:

Jack, Strawberry Hill, North London

During the course of the last few months Jack, came seriously close to the 80-year mark with the lease on his garden flat in Strawberry Hill. In buying his home two decades ago, the lease term was of little interest. by good luck, it dawned on him that he would soon be paying way over the odds for Extending the lease. Jack was able to extend his lease at the eleventh hour last September. Jack and the freeholder ultimately agreed on an amount of £6,000 . If the lease had fallen to less than eighty years, the figure would have escalated by a minimum £1,050.

Strawberry Hill case:

Last Winter we were e-mailed by Dr Georgina Thompson , who was assigned a lease of a newly refurbished apartment in Strawberry Hill in July 2002. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Strawberry Hill with a long lease were valued about £191,400. The average amount of ground rent was £55 collected quarterly. The lease concluded on 20 April 2080. Having 54 years remaining we approximated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 not including fees.