Main reasons to start your Honor Oak lease extension

Main reasons to commence your Honor Oak lease extension today:

Increase your lease and increase your Honor Oak property value

Honor Oak leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the current lease dips below eighty years - otherwise a higher premium will be due. Leasehold owners in Honor Oak will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain situations you may not be entitled. There are also strict deadlines and formalities to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Honor Oak lease extensions?

Retaining our service will provide you better control over the value of your Honor Oak leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Honor Oak Lease Extension Example Cases:

Natasha, Honor Oak, South East London,

Off the back of lengthy correspondence with the freeholder of her garden apartment in Honor Oak, Natasha commenced the lease extension process as the eighty year mark was rapidly nearing. The legal work was finalised in April 2011. The freeholder’s fees were negotiated to less than 600 GBP.

Honor Oak case:

Mr Luca Díaz acquired a purpose-built flat in Honor Oak in May 2001. We are asked if we could estimate the price would likely be for a 90 year lease extension. Similar flats in Honor Oak with a long lease were in the region of £181,600. The average ground rent payable was £55 invoiced yearly. The lease lapsed in 2078. Having 52 years remaining we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including costs.