Main reasons to start your Thames View lease extension

Main reasons to commence your Thames View lease extension today:

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

There is no doubt about it a leasehold property in Thames View is a wasting asset as a result of the diminishing lease term. Where the lease has, beyond 99 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. Many flat owners in Thames View will qualify for this right; that being said a lawyer should be able to confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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 one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.

Lending institutions will not lend on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This may be problematic when you need to sell or refinance your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your buyer will need to wait a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Thames View?

Retaining our service gives you increased control over the value of your Thames View leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Thames View Lease Extension Example Cases:

Benjamin, Thames View, London

Half a year ago Benjamin, started to get near to the eighty-year mark with the lease on his one bedroom apartment in Thames View. Having bought his home 18 years previously, the unexpired term was of little importance. Thankfully, he realised he would soon be paying an escalated premium for Extending the lease. Benjamin extended the lease just under the wire in June. Benjamin and the landlord subsequently agreed on an amount of £5,000 . If the lease had slipped to less than eighty years, the amount would have become more exhorbitant by at least £850.

Thames View case:

Mr B Ali purchased a purpose-built apartment in Thames View in June 2007. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Identical properties in Thames View with a long lease were worth £300,000. The mid-range amount of ground rent was £50 collected monthly. The lease termination date was on 1 November 2102. Having 76 years outstanding we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.