Main reasons to commence your Lansbury lease extension

Main reasons to commence your Lansbury lease extension today:

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

When it comes to residential leasehold property in Lansbury, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than eighty years left. Anyone in Lansbury with a lease drawing near to 81 years unexpired should seriously think of extending it sooner than later. When the lease term has under eighty years left, under the current statute the freeholder is entitled to calculate and demand a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.

An extended lease 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 approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not lend with a short lease

Many banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they can't get a mortgage, then the market price of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Lansbury?

Regardless of whether you are a tenant or a landlord in Lansbury,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lansbury valuers.

Lansbury Lease Extension Example Cases:

Luke, Lansbury, London,

Luke owned a studio apartment in Lansbury on the market with a lease of just over sixty years unexpired. Luke informally spoke with his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Luke to invoke his statutory right. Luke obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.

Lansbury case:

In 2012 we were approached by Mr Jude Edwards who, having completed a basement apartment in Lansbury in May 2004. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Lansbury with 100 year plus lease were valued around £174,200. The mid-range ground rent payable was £55 billed monthly. The lease ran out in 2076. Taking into account 51 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 not including professional charges.