Main reasons to commence your Victoria lease extension

Why you should start your Victoria lease extension today:

Increase your lease and increase your Victoria property value

There is no doubt about it a leasehold property in Victoria is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 99 years remaining then this decrease may be negligible however there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner as opposed to later. Most flat owners in Victoria will qualify for this right; however a lawyer can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Victoria with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to loan monies on a short lease

Mortgage companies do not like short residential leases. You most probably experience problems if you want to sell your flat in Victoria if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but generally they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Victoria?

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

Victoria Lease Extension Case Studies:

William, Victoria, London

Two years ago William, started to get near to the eighty-year threshold with the lease on his basement flat in Victoria. In buying his property two decades ago, the unexpired term was of little importance. by good luck, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. William arranged for a lease extension just ahead of time in May. William and the landlord who owned the flat above subsequently settled on an amount of £5,000 . If he failed to meet the deadline, the figure would have become more costly by at least £850.

Victoria case:

Mr and Mrs. M Adams owned a basement flat in Victoria in April 2012. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparable properties in Victoria with 100 year plus lease were worth £210,600. The mid-range ground rent payable was £45 invoiced yearly. The lease expired on 13 July 2088. Having 62 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 not including legals.