Main reasons to commence your Swanley lease extension

Top reasons for lease extension now:

A Swanley leasehold property depreciates with the years remaining on the lease.

The closer a residential lease in Swanley nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 100 years to run then this decrease may be negligible however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease without delay. Many flat owners in Swanley will meet the qualifying criteria; nevertheless a lawyer will be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not grant a mortgage with a short lease

Lenders are really restricting their approach as regards to properties in Swanley with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of potential purchasers.

What makes us experts in Swanley lease extensions?

Irrespective of whether you are a tenant or a landlord in Swanley,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Swanley valuers.

Swanley Lease Extension Example Cases:

Louise, Swanley, Kent,

Trailing protracted negotiations with the freeholder of her first floor apartment in Swanley, Louise commenced the lease extension process as the 80 year threshold was swiftly advancing. The transaction was concluded in October 2010. The landlord’s costs were negotiated to about 700 pounds.

Swanley case:

In 2009 we were approached by Mr and Mrs. N Clarke who, having bought a ground floor flat in Swanley in July 2011. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparable flats in Swanley with an extended lease were valued around £235,200. The mid-range ground rent payable was £45 billed yearly. The lease termination date was in 2092. Having 66 years left we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.