Why you should start your Tower Hill lease extension

Top reasons for lease extension now:

A Tower Hill leasehold property depreciates with the years remaining on the lease.

Tower Hill leases on domestic properties are gradually losing value. Where your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Tower Hill will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some circumstances you may not qualify. There are prescribed timetables and steps to follow once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lenders will not loan monies on a short lease

Almost all mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wishing to buy your property in the future might well do, so if they are unable to get a mortgage, then the financial worth of your property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Tower Hill lease extensions?

Regardless of whether you are a tenant or a landlord in Tower Hill,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tower Hill valuers.

Tower Hill Lease Extension Example Cases:

Sarah, Tower Hill, London,

Trailing unsuccessful correspondence with the freeholder of her garden apartment in Tower Hill, Sarah initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The legal work was concluded in November 2005. The freeholder’s fees were negotiated to under 450 pounds.

Tower Hill case:

In 2010 we were phoned by Dr S Green who, having was assigned a lease of a first floor apartment in Tower Hill in November 1998. The question was if we could approximate the price would be for a ninety year lease extension. Comparable properties in Tower Hill with 100 year plus lease were worth £261,600. The average amount of ground rent was £60 invoiced every twelve months. The lease elapsed in 2078. Having 52 years unexpired we estimated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of legals.