Why you should commence your West Dulwich lease extension

Top reasons for lease extension now:

A West Dulwich lease depreciates with the years remaining on the lease.

With a domestic leasehold property in West Dulwich, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially when there are fewer than 80 years remaining. Residents in West Dulwich with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. Once a lease has below 80 years outstanding, under the current statute the landlord is entitled to calculate and levy a greater amount, based on a technical computation, strangely termed as “marriage value” which is payable.

West Dulwich property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Banks and building societies vary in their lending criteria. Some set the bar at seventy five years remaining on the lease; others may be prepared to lend with anything with more than seventy years. With less than sixty years, it may be difficult to get a mortgage in the first place.

Why use us for your lease extension in West Dulwich?

Irrespective of whether you are a tenant or a landlord in West Dulwich,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 West Dulwich valuers.

West Dulwich Lease Extension Case Studies:

Isabella, West Dulwich, South London,

Following unsuccessful discussions with the landlord of her leasehold apartment in West Dulwich, Isabella started the lease extension process just as her lease was nearing the crucial 80-year mark. The lease extension completed in March 2014. The freeholder’s charges were kept to an absolute minimum.

West Dulwich case:

Mr and Mrs. C Robinson owned a one bedroom apartment in West Dulwich in April 1998. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable residencies in West Dulwich with an extended lease were valued around £265,000. The mid-range ground rent payable was £55 invoiced yearly. The lease terminated in 2100. Having 74 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.