Main reasons to start your Thames View lease extension

Why you should commence your Thames View lease extension today:

A Thames View leasehold property depreciates with the years remaining on the lease.

Thames View leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Thames View residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Thames View you would be well advised to see if your lease has between 70 and ninety years left. There are compelling reasons why a Thames View leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Thames View with in excess of 100 years left 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 upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to issue a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to homes in Thames View with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing the number of potential purchasers.

Get in touch with one of our Thames View lease extension solicitors or enfranchisement solicitors

Lease extensions in Thames View can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 dealing with Thames View lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thames View Lease Extension Example Cases:

Cameron, Thames View, London

Last Summer Cameron, came seriously close to the eighty-year threshold with the lease on his studio flat in Thames View. Having bought his property twenty years previously, the unexpired term was of minimal significance. Luckily, he recognised he would soon be paying way over the odds for Extending the lease. Cameron arranged for a lease extension just under the wire in May. Cameron and the freeholder eventually settled on sum of £5,000 . If he had missed the deadline, the amount would have increased by at least £975.

Thames View case:

Last Christmas we were e-mailed by Dr Oscar Davies , who completed a ground floor apartment in Thames View in August 2004. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Thames View with an extended lease were valued around £210,000. The average amount of ground rent was £50 invoiced per annum. The lease elapsed on 3 November 2106. Taking into account 80 years remaining we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.