Top reasons for Anerley lease extension

Main reasons to start your Anerley lease extension today:

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

When it comes to domestic leasehold premises in Anerley, you are actually purchasing an entitlement to live in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than eighty years left. Residents in Anerley with a lease drawing near to 81 years remaining should seriously consider extending it sooner as opposed to later. Once the lease term has fewer than 80 years outstanding, under the relevant legislation the landlord is entitled to calculate and levy a larger amount, assessed on a technical computation, known as “marriage value” which is due.

Anerley property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Anerley with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

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

What makes us experts in Anerley lease extensions?

Lease extensions in Anerley can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Anerley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Anerley Lease Extension Example Cases:

Poppy, Anerley, South East London,

Following protracted negotiations with the freeholder of her two bedroom flat in Anerley, Poppy commenced the lease extension process as the 80 year threshold was swiftly nearing. The lease extension was finalised in August 2005. The landlord’s costs were restricted to approximately 500 pounds.

Anerley case:

In 2011 we were phoned by Dr M Clark who, having took over the lease of a first floor flat in Anerley in January 1999. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable residencies in Anerley with an extended lease were valued around £275,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease concluded on 7 June 2094. Considering the 68 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.