Top reasons for Anerley lease extension

Why you should commence your Anerley lease extension today:

Increase your lease and increase your Anerley property value

The only way is down when it comes to Anerley lease terms. Anerley properties that have a remaining term fewer than eighty years will de-escalate in value even faster, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold properties in Anerley with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes under a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are wanting to refinance your Anerley home.

Why use us for your lease extension in Anerley?

Regardless of whether you are a tenant or a landlord in Anerley,the lease extension lawyers 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:

Muhammad, Anerley, South East London,

Muhammad was the the leasehold owner of a conversion apartment in Anerley being marketed with a lease of a little over fifty eight years unexpired. Muhammad informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Muhammad to invoke his statutory right. Muhammad procured expert advice and secured satisfactory deal without going to tribunal and readily saleable.

Anerley case:

In 2011 we were called by Dr Reuben Johnson who, having moved into a purpose-built apartment in Anerley in February 2006. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparable properties in Anerley with a long lease were in the region of £300,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease came to a finish in 2102. Given that there were 76 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.