Top reasons for Earlsfield lease extension

Top reasons for lease extension now:

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

Earlsfield leases on domestic deteriorating in value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. Leasehold owners in Earlsfield will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

Earlsfield property with a lease extension has roughly the same value as a freehold

Leasehold premises in Earlsfield with over 100 years unexpired on the lease are sometimes referred to as ‘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 estate charges justify it.

Lending institutions will not finance a property on a short lease

Mortgage lenders have set criteria when loaning monies charged on leasehold property. Many will simply not lend at all once the residual lease term slips below a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Earlsfield property.

Why use us for your lease extension in Earlsfield?

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

Earlsfield Lease Extension Example Cases:

Archie, Earlsfield, South West London,

Archie was the the leasehold proprietor of a conversion apartment in Earlsfield being marketed with a lease of a few days over sixty years unexpired. Archie on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Archie to exercise his statutory right. Archie procured expert advice and was able to make an informed judgement and deal with the matter and sell the flat.

Earlsfield case:

In 2012 we were called by Dr C Simon who, having acquired a first floor apartment in Earlsfield in September 2003. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Similar flats in Earlsfield with 100 year plus lease were valued about £200,000. The mid-range ground rent payable was £50 collected quarterly. The lease elapsed on 9 July 2103. Taking into account 77 years left we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.