Top reasons for Tower Hill lease extension

Why you should commence your Tower Hill lease extension today:

Increase your lease and increase your Tower Hill property value

Tower Hill leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Tower Hill will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain circumstances you may not be entitled. There are also strict deadlines and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as insufficient for lending purposes.

What makes us experts in Tower Hill lease extensions?

Regardless of whether you are a tenant or a freeholder in Tower Hill,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 Tower Hill valuers.

Tower Hill Lease Extension Example Cases:

Harry, Tower Hill, London,

Harry was the the leasehold proprietor of a 2 bedroom flat in Tower Hill being sold with a lease of a little over sixty years outstanding. Harry on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.

Tower Hill case:

Mr D García was assigned a lease of a ground floor apartment in Tower Hill in February 1999. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical homes in Tower Hill with a long lease were in the region of £260,000. The average amount of ground rent was £50 invoiced per annum. The lease expired in 2097. Given that there were 71 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.