Main reasons to commence your Honor Oak lease extension

Why you should start your Honor Oak lease extension today:

Increase your lease and increase your Honor Oak property value

As the length of the unexpired term of a Honor Oak domestic lease diminished so does its value and therefore the value of your property. Where the lease has, over 99 years to run then this decrease may be fractional however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease without delay. Many flat owners in Honor Oak will qualify for this right; that being said a conveyancing solicitor should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to loan monies on a short lease

Many mortgage lenders will not lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Honor Oak property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Honor Oak?

Lease extensions in Honor Oak can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Honor Oak lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Honor Oak Lease Extension Example Cases:

Omar, Honor Oak, South East London

During the course of the last few months Omar, started to get near to the 80-year mark with the lease on his two bedroom flat in Honor Oak. Having bought his home two decades ago, the length of the lease was of little relevance. Fortunately, he realised he would soon be paying way over the odds for a lease extension. Omar arranged for a lease extension at the eleventh hour in January. Omar and the landlord who owned the flat above ultimately agreed on sum of £5,000 . If the lease had dipped below eighty years, the premium would have increased by at least £1,100.

Honor Oak case:

In 2012 we were approached by Dr C Allen who, having acquired a garden flat in Honor Oak in September 2012. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparative properties in Honor Oak with an extended lease were in the region of £206,200. The average ground rent payable was £55 collected every twelve months. The lease expired on 12 March 2082. Given that there were 56 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.