Main reasons to start your Thames View lease extension

Main reasons to commence your Thames View lease extension today:

Increase your lease and increase your Thames View property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Thames View. Inevitably, the period of lease remaining shortens over time. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Thames View have the legal entitlement to extend the lease for a further ninety years under Leasehold Reform legislation. You should give due consideration before delaying your Thames View lease extension. Putting off that expense now likely increases the price you will eventually have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not finance a property on a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is probable that someone wishing to buy your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

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 secure guidance from a conveyancer and surveyor 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 a wealth of experience 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 Case Summaries:

Omar, Thames View, London,

Omar was the the leasehold proprietor of a conversion flat in Thames View being marketed with a lease of fraction over 72 years outstanding. Omar informally contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Omar to invoke his statutory right. Omar procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Thames View case:

Last Autumn we were approach by Dr Emma Richardson , who owned a ground floor apartment in Thames View in April 2010. The question was if we could approximate the premium could be for a ninety year lease extension. Comparative properties in Thames View with an extended lease were valued about £189,000. The average ground rent payable was £55 invoiced yearly. The lease concluded in 2079. Having 53 years remaining we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus costs.