Main reasons to commence your Victoria lease extension

Main reasons to commence your Victoria lease extension today:

Increase your lease and increase your Victoria property value

Victoria leases on residential properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Victoria will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may not finance a property with a short lease

Lending institutions have specific criteria when lending monies charged on leasehold property. Some will simply not lend at all once an unexpired lease term goes under a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are wanting to remortgage your Victoria property.

Why use us for your lease extension in Victoria?

Engaging our service will provide you enhanced control over the value of your Victoria leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Victoria Lease Extension Case Summaries:

Grace, Victoria, London,

Following unsuccessful correspondence with the landlord of her garden apartment in Victoria, Grace initiated the lease extension process as the eighty year deadline was swiftly advancing. The lease extension was finalised in January 2015. The landlord’s fees were negotiated to approximately 500 GBP.

Victoria case:

Last Winter we were phoned by Mrs J Adams , who took over the lease of a garden flat in Victoria in March 2007. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar flats in Victoria with a long lease were worth £255,000. The mid-range ground rent payable was £50 billed per annum. The lease ended in 2096. Considering the 70 years unexpired we calculated the compensation to the landlord for the lease extension to be between £10,500 and £12,000 exclusive of expenses.