Why you should start your Thames View lease extension

Top reasons for lease extension now:

Increase your lease and increase your Thames View property value

Thames View leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Thames View tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Thames View you really ought to see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

The trend since the credit crunch has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Thames View lease extensions?

Lease extensions in Thames View can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 procuring 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 Case Studies:

Sebastian, Thames View, London

16 months ago Sebastian, started to get close to the eighty-year threshold with the lease on his two bedroom flat in Thames View. In buying his flat 19 years previously, the unexpired term was of minimal concern. Thankfully, he recognised he needed to take action soon on a lease extension. Sebastian extended the lease at the eleventh hour last July. Sebastian and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If he not met the deadline, the sum would have become more exhorbitant by at least £975.

Thames View case:

Mr C Garcia was assigned a lease of a garden flat in Thames View in May 1995. The question was if we could estimate the price could be for a 90 year lease extension. Comparable properties in Thames View with a long lease were worth £233,200. The average ground rent payable was £60 collected annually. The lease expiry date was on 11 August 2087. Considering the 61 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 not including costs.