Main reasons to start your Lansbury lease extension

Why you should commence your Lansbury lease extension today:

Increase your lease and increase your Lansbury property value

Lansbury leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Lansbury tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Lansbury you would be well advised to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic once you come to sell or remortgage your property as it will be practically unmortgageable. You may not have an imminent desire to sell but when you do your buyer will need to hold off for a couple of years before they can start the legal procedures for an extension to the lease.

What makes us experts in Lansbury lease extensions?

Lease extensions in Lansbury can be a difficult process. We recommend you get professional help from a conveyancer 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 dealing with 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:

Ibrahim, Lansbury, London

Half a year ago Ibrahim, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Lansbury. Having bought his home two decades ago, the length of the lease was of minimal importance. As luck would have it, he realised he needed to take action soon on a lease extension. Ibrahim arranged for a lease extension at the eleventh hour last June. Ibrahim and the freeholder in the end settled on sum of £6,000 . If the lease had dipped to less than eighty years, the amount would have gone up by a minimum £1,150.

Lansbury case:

In 2010 we were approached by Dr G King who, having completed a purpose-built apartment in Lansbury in November 2011. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Similar residencies in Lansbury with a long lease were worth £233,200. The mid-range ground rent payable was £60 collected every twelve months. The lease ran out on 26 July 2087. Given that there were 61 years outstanding we estimated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including costs.