Main reasons to commence your Blackfen lease extension

Main reasons to commence your Blackfen lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Blackfen. Clearly, the length of lease left reduces as time goes by. This is often ignored and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Blackfen have the right to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please give careful consideration before putting off your Blackfen lease extension. Putting off the cost now only increases the price you will ultimately incur to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold residencies in Blackfen with in excess of one hundred years left 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

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

Mortgage companies are really restricting their approach as regards to properties in Blackfen with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting your market.

What makes us experts in Blackfen lease extensions?

The conveyancers that we work with handle 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 lawyer we work with provide it.

Blackfen Lease Extension Case Summaries:

Mia, Blackfen, South East London,

Subsequent to protracted negotiations with the landlord of her garden flat in Blackfen, Mia started the lease extension process just as the lease was approaching the crucial eighty-year deadline. The lease extension was finalised in July 2013. The freeholder’s costs were restricted to about 700 pounds.

Blackfen case:

Mr N Nelson completed a basement flat in Blackfen in April 2010. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Blackfen with a long lease were worth £250,000. The mid-range amount of ground rent was £50 billed per annum. The lease ran out in 2095. Having 69 years outstanding we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.