Main reasons to start your Blackfen lease extension

Top reasons for lease extension now:

Increase your lease and increase your Blackfen property value

There is no doubt about it a leasehold flat or house in Blackfen is a wasting asset as a result of the shortening lease. If the lease has, over 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner rather than later. Many flat owners in Blackfen will meet the qualifying criteria; that being said a conveyancer will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to finance a property with a short lease

The propensity since the credit crunch has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Blackfen?

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 Example Cases:

Melissa, Blackfen, South East London,

After unsuccessful correspondence with the landlord of her first floor flat in Blackfen, Melissa initiated the lease extension process just as her lease was nearing the crucial 80-year mark. The lease extension completed in April 2015. The freeholder’s fees were restricted to approximately 600 pounds.

Blackfen case:

Last February we were called by Mrs Madeleine Cooper , who was assigned a lease of a ground floor flat in Blackfen in May 2001. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative premises in Blackfen with a long lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease concluded in 2104. Given that there were 79 years left we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.