Main reasons to commence your Lansbury lease extension

Why you should start your Lansbury lease extension today:

A Lansbury lease depreciates with the years remaining on the lease.

Lansbury leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Lansbury enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Lansbury you must investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

Lansbury property with a lease extension has roughly 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 same 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 many years in the future.

Lending institutions may not issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties as and when you wish to market or refinance your property as it will be effectively unmortgageable. You may not have an immediate plan to sell but when you do your purchaser will need to hold off for two years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Lansbury?

Lease extensions in Lansbury can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Lansbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lansbury Lease Extension Example Cases:

Alfie, Lansbury, London,

Alfie was the the leasehold proprietor of a studio apartment in Lansbury on the market with a lease of a little over 61 years left. Alfie informally spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Alfie to exercise his statutory right. Alfie obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Lansbury case:

Last Autumn we were called by Ms V Alexander , who completed a purpose-built flat in Lansbury in February 2010. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Similar flats in Lansbury with an extended lease were valued around £250,400. The average amount of ground rent was £65 collected annually. The lease elapsed in 2090. Given that there were 64 years remaining we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 exclusive of expenses.