Top reasons for Forestdale lease extension

Main reasons to commence your Forestdale lease extension today:

Increase your lease and increase your Forestdale property value

The value of Forestdale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is below than eighty years

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

Leasehold premises in Forestdale with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not lend on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you want to sell your flat in Forestdale if the unexpired term of your lease is under the criteria set by most lenders. Different mortgage companies have different criteria but in the main they are looking for a minimum remaining lease term of seventy years.

Get in touch with one of our Forestdale lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Forestdale leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Forestdale Lease Extension Example Cases:

Eliot, Forestdale, South London,

Eliot was the the leasehold proprietor of a high value flat in Forestdale being marketed with a lease of a few days over sixty years outstanding. Eliot on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Eliot to exercise his statutory right. Eliot obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Forestdale case:

Last January we were called by Mrs Isobel David , who completed a purpose-built apartment in Forestdale in October 1997. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparable premises in Forestdale with 100 year plus lease were worth £285,000. The average ground rent payable was £45 billed annually. The lease expiry date was on 24 October 2097. Given that there were 72 years left we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of legals.