Main reasons to commence your Blackfen lease extension

Main reasons to commence your Blackfen lease extension today:

A Blackfen lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Blackfen you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Blackfen with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not issue a mortgage on a short lease

Get in touch with one of our Blackfen lease extension solicitors or enfranchisement solicitors

Lease extensions in Blackfen can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

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 a wealth of experience dealing with Blackfen lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Blackfen Lease Extension Case Studies:

Seth, Blackfen, South East London,

Seth was the the leasehold proprietor of a 2 bedroom flat in Blackfen on the market with a lease of a little over fifty eight years unexpired. Seth informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Seth to exercise his statutory right. Seth obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.

Blackfen case:

In 2014 we were e-mailed by Mr and Mrs. P Howard who, having moved into a first floor apartment in Blackfen in June 2005. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Comparable homes in Blackfen with 100 year plus lease were valued about £280,000. The average amount of ground rent was £55 billed annually. The lease finished on 20 September 2103. Having 77 years as a residual term we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.