Main reasons to 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.

It’s an underpublicised certainty that a Strawberry Hill residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Strawberry Hill property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining falls under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Strawberry Hill will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold properties in Strawberry Hill with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to issue a mortgage with a short lease

What makes us experts in Strawberry Hill lease extensions?

The conveyancers that we work with undertake 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 conveyancer we work with provide it.

Strawberry Hill Lease Extension Example Cases:

Morgan, Strawberry Hill, North London,

Off the back of protracted correspondence with the freeholder of her first floor apartment in Strawberry Hill, Morgan initiated the lease extension process just as her lease was coming close to the crucial 80-year mark. The transaction completed in April 2006. The freeholder’s charges were kept to an absolute minimum.

Strawberry Hill case:

Last Summer we were called by Mrs S Miller , who owned a one bedroom apartment in Strawberry Hill in June 2004. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparable premises in Strawberry Hill with an extended lease were worth £171,800. The average ground rent payable was £55 billed yearly. The lease elapsed on 17 February 2076. Taking into account 50 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 plus expenses.