Main reasons to start your Anerley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Anerley property value

The market value of Anerley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than eighty years

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

Leasehold properties in Anerley with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

What makes us experts in Anerley lease extensions?

The lawyers that we work with handle Anerley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Anerley Lease Extension Case Summaries:

Molly, Anerley, South East London,

Off the back of unsuccessful correspondence with the landlord of her first floor flat in Anerley, Molly started the lease extension process as the eighty year mark was swiftly nearing. The legal work was finalised in June 2008. The landlord’s costs were restricted to slightly above 650 GBP.

Anerley case:

In 2009 we were phoned by Dr B Martin who, having took over the lease of a first floor apartment in Anerley in July 2006. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Identical properties in Anerley with 100 year plus lease were valued around £225,800. The average ground rent payable was £60 billed monthly. The lease lapsed on 19 May 2086. Considering the 60 years left we calculated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 plus expenses.