Why you should commence your Blackfriars lease extension

Top reasons for lease extension now:

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

Blackfriars leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Blackfriars residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Blackfriars you should check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

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

Leasehold properties in Blackfriars with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies are inclined not lend on short residential leases. You most probably experience difficulties where you wish to sell your flat in Blackfriars if the unexpired lease term is less than the criteria set by most mortgage companies. Different mortgage companies have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Blackfriars?

Retaining our service gives you enhanced control over the value of your Blackfriars leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Blackfriars Lease Extension Example Cases:

Alexandra, Blackfriars, London,

In the wake of eight months of lengthy discussions with the freeholder of her two bedroom apartment in Blackfriars, Alexandra started the lease extension process as the 80 year threshold was swiftly coming. The legal work was finalised in July 2013. The landlord’s fees were kept to an absolute minimum.

Blackfriars case:

Ms Niamh Patel bought a ground floor apartment in Blackfriars in March 1996. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical flats in Blackfriars with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 billed yearly. The lease ended on 19 January 2102. Given that there were 76 years left we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.