Top reasons for Streatham Vale lease extension

Why you should commence your Streatham Vale lease extension today:

Increase your lease and increase your Streatham Vale property value

The value of Streatham Vale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is below than eighty years

Streatham Vale property with a lease extension is almost the same value as a freehold

Leasehold properties in Streatham Vale with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions will not grant a mortgage with a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will likely encounter difficulties to obtain a mortgage and this could result in your Streatham Vale property being difficult to sell or to obtain finance on.

What makes us experts in Streatham Vale lease extensions?

Regardless of whether you are a tenant or a landlord in Streatham Vale,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Streatham Vale valuers.

Streatham Vale Lease Extension Case Studies:

Morgan, Streatham Vale, South London,

In the wake of 6 months of unsuccessful negotiations with the landlord of her leasehold apartment in Streatham Vale, Morgan started the lease extension process just as her lease was nearing the crucial eighty-year deadline. The legal work was finalised in July 2005. The freeholder’s fees were negotiated to a tad over 600 GBP.

Streatham Vale case:

Last year we were e-mailed by Mr and Mrs. O Edwards , who completed a one bedroom apartment in Streatham Vale in January 2000. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Similar premises in Streatham Vale with an extended lease were in the region of £235,600. The average amount of ground rent was £60 billed every twelve months. The lease ran out on 9 October 2088. Considering the 62 years unexpired we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including legals.

Streatham Vale case:

Dr O Clarke owned a studio flat in Streatham Vale in November 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparable residencies in Streatham Vale with a long lease were in the region of £174,200. The average ground rent payable was £55 invoiced quarterly. The lease came to a finish on 22 May 2077. Having 51 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus costs.