Top reasons for Blackfen lease extension

Why you should commence your Blackfen lease extension today:

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

Unfortunately that a Blackfen residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Blackfen property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be payable. The majority of leasehold owners in Blackfen will be able to extend under the legislation; however a lawyer should be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your lawyer for the duration of the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage on a short lease

Why use us for your lease extension in Blackfen?

Using our service will provide you enhanced control over the value of your Blackfen leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Blackfen Lease Extension Example Cases:

Alfie, Blackfen, South East London,

Alfie was the the leasehold owner of a conversion apartment in Blackfen on the market with a lease of a few days over 59 years unexpired. Alfie on an informal basis approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were Alfie to exercise his statutory right. Alfie obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Blackfen case:

Ms Mia Rivera was assigned a lease of a ground floor flat in Blackfen in April 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Identical homes in Blackfen with a long lease were in the region of £227,800. The average ground rent payable was £45 billed monthly. The lease finished in 2091. Given that there were 65 years remaining we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.