Top reasons for Honor Oak lease extension

Top reasons for lease extension now:

Increase your lease and increase your Honor Oak property value

Chances are that where you own a flat in Honor Oak you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.

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

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Honor Oak property becoming difficult to sell or to obtain finance on.

What makes us experts in Honor Oak lease extensions?

The conveyancing solicitors that we work with undertake Honor Oak lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Honor Oak Lease Extension Case Studies:

Rosie, Honor Oak, South East London,

Off the back of unsuccessful negotiations with the landlord of her leasehold apartment in Honor Oak, Rosie commenced the lease extension process as the eighty year threshold was fast advancing. The legal work completed in January 2007. The freeholder’s costs were kept to an absolute minimum.

Honor Oak case:

Last year we were approach by Mr and Mrs. A Sharif , who acquired a first floor flat in Honor Oak in May 2005. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative premises in Honor Oak with 100 year plus lease were valued about £285,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease terminated on 22 November 2097. Taking into account 71 years outstanding we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.