Top reasons for Victoria Docks lease extension

Top reasons for lease extension now:

Increase your lease and increase your Victoria Docks property value

The value of Victoria Docks leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is less than 80 years

Victoria Docks property with a lease extension is almost the same value as a freehold

Leasehold residencies in Victoria Docks with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Victoria Docks property.

Why use us for your lease extension in Victoria Docks?

Retaining our service gives you better control over the value of your Victoria Docks leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Victoria Docks Lease Extension Case Studies:

Niamh, Victoria Docks, London,

Off the back of lengthy negotiations with the landlord of her first floor apartment in Victoria Docks, Niamh commenced the lease extension process just as her lease was coming close to the all-important 80-year mark. The lease extension was concluded in January 2011. The landlord’s fees were kept to an absolute minimum.

Victoria Docks case:

Last Winter we were called by Mr and Mrs. S Hall , who owned a basement apartment in Victoria Docks in November 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Victoria Docks with a long lease were worth £223,400. The mid-range ground rent payable was £60 billed every twelve months. The lease ended on 5 June 2085. Considering the 59 years outstanding we calculated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 plus professional charges.