Top reasons for Anerley lease extension

Why you should commence your Anerley lease extension today:

A Anerley leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Anerley domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, over 100 years to run then this decrease may be fractional however there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Anerley will meet the qualifying criteria; however a conveyancing solicitor can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Anerley with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to grant a mortgage on a short lease

Why use us for your lease extension in Anerley?

Regardless of whether you are a tenant or a landlord in Anerley,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Anerley valuers.

Anerley Lease Extension Case Studies:

Ryan, Anerley, South East London,

Ryan was the the leasehold owner of a studio flat in Anerley on the market with a lease of a little over 59 years outstanding. Ryan on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be due on a lease extension were Ryan to invoke his statutory right. Ryan procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Anerley case:

Last Autumn we were called by Dr K Alexander , who bought a one bedroom apartment in Anerley in September 2002. The question was if we could estimate the price could be to prolong the lease by 90 years. Comparable properties in Anerley with an extended lease were worth £285,000. The average ground rent payable was £45 invoiced quarterly. The lease came to a finish on 27 July 2098. Given that there were 72 years remaining we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.