Why you should commence your Streatham lease extension

Top reasons for lease extension now:

A Streatham lease depreciates with the years remaining on the lease.

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

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

Leasehold residencies in Streatham with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage with a short lease

What makes us experts in Streatham lease extensions?

Lease extensions in Streatham can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Streatham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Streatham Lease Extension Example Cases:

Hannah, Streatham, South London,

Following lengthy correspondence with the landlord of her two bedroom apartment in Streatham, Hannah commenced the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The lease extension was finalised in August 2010. The landlord’s charges were kept to an absolute minimum.

Streatham case:

Mrs V Moreau purchased a first floor flat in Streatham in January 2007. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Identical homes in Streatham with an extended lease were in the region of £168,800. The average ground rent payable was £60 collected every twelve months. The lease came to a finish in 2081. Given that there were 55 years left we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus expenses.