Top reasons for Temple lease extension

Main reasons to start your Temple lease extension today:

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

Unfortunately that a Temple residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Temple property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Temple will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.

Temple property with a lease extension has roughly the same value as a freehold

Leasehold premises in Temple with over one hundred years left on the lease are sometimes referred to as ‘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 buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may not finance a property with a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are wanting to remortgage your Temple property.

Why use us for your lease extension in Temple?

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

Temple Lease Extension Case Summaries:

Katie, Temple, London,

Off the back of lengthy discussions with the landlord of her studio flat in Temple, Katie started the lease extension process as the eighty year deadline was swiftly coming. The legal work was concluded in September 2010. The freeholder’s fees were kept to an absolute minimum.

Temple case:

Last year we were e-mailed by Mr and Mrs. K Fournier , who was assigned a lease of a purpose-built apartment in Temple in February 1997. The question was if we could estimate the price could be for a 90 year extension to my lease. Identical homes in Temple with a long lease were worth £300,000. The mid-range amount of ground rent was £50 collected yearly. The lease lapsed on 17 February 2102. Taking into account 76 years outstanding we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.