Main reasons to commence your Blackfen lease extension

Top reasons for lease extension now:

Increase your lease and increase your Blackfen property value

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

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

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Blackfen with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

What makes us experts in Blackfen lease extensions?

The conveyancing solicitors that we work with procure Blackfen 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 conveyancing solicitor we work with provide it.

Blackfen Lease Extension Case Studies:

Madeleine, Blackfen, South East London,

After unsuccessful discussions with the landlord of her purpose-built apartment in Blackfen, Madeleine started the lease extension process as the 80 year deadline was swiftly advancing. The lease extension was concluded in July 2015. The landlord’s fees were kept to an absolute minimum.

Blackfen case:

Dr B Ali was assigned a lease of a one bedroom apartment in Blackfen in March 1995. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Identical properties in Blackfen with a long lease were worth £265,000. The average amount of ground rent was £50 collected yearly. The lease came to a finish in 2099. Having 73 years outstanding we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.