Top reasons for Lansbury lease extension

Main reasons to start your Lansbury lease extension today:

Increase your lease and increase your Lansbury property value

With a long leasehold property in Lansbury, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably once there are less than 80 years left. Leasehold owners in Lansbury with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has below 80 years left, under the current Act the freeholder can calculate and demand a greater amount, based on a technical multiplication, known as “marriage value” which is due.

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

Leasehold properties in Lansbury with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not loan monies on a short lease

Nearly all mortgage lenders will not lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Lansbury property being difficult to dispose of or to obtain finance on.

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

Irrespective of whether you are a tenant or a landlord in Lansbury,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lansbury valuers.

Lansbury Lease Extension Example Cases:

Abbie, Lansbury, London,

Trailing lengthy correspondence with the freeholder of her one bedroom apartment in Lansbury, Abbie started the lease extension process as the eighty year threshold was quickly coming. The legal work was finalised in August 2005. The freeholder’s fees were restricted to slightly above 500 GBP.

Lansbury case:

Last Christmas we were contacted by Dr Lydia Lefebvre , who completed a garden flat in Lansbury in June 1998. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparable homes in Lansbury with an extended lease were valued about £295,000. The mid-range ground rent payable was £45 collected per annum. The lease elapsed on 4 November 2099. Given that there were 74 years outstanding we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.