Main reasons to start your Earlsfield lease extension

Main reasons to commence your Earlsfield lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Earlsfield. Clearly, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Earlsfield have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give due consideration before putting off your Earlsfield lease extension. Holding off the cost now simply increases the price you will eventually incur to extend your lease

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

Leasehold residencies in Earlsfield with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not finance a property on a short lease

Lenders are tightening their criteria and many now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Earlsfield were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Earlsfield lease extensions?

Engaging our service gives you increased control over the value of your Earlsfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Earlsfield Lease Extension Case Studies:

Mia, Earlsfield, South West London,

Subsequent to lengthy correspondence with the freeholder of her garden flat in Earlsfield, Mia commenced the lease extension process as the 80 year mark was swiftly nearing. The legal work was finalised in February 2011. The landlord’s fees were kept to an absolute minimum.

Earlsfield case:

In 2009 we were contacted by Dr Abbie Ricardo who, having owned a studio apartment in Earlsfield in July 1995. The question was if we could approximate the premium would likely be for a ninety year lease extension. Comparable residencies in Earlsfield with a long lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ended on 24 July 2099. Having 73 years unexpired we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including legals.