Main reasons to commence your Mottingham lease extension

Top reasons for lease extension now:

A Mottingham leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Mottingham you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not finance a property with a short lease

What makes us experts in Mottingham lease extensions?

Lease extensions in Mottingham can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 Mottingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mottingham Lease Extension Example Cases:

Freya, Mottingham, South East London,

Off the back of lengthy correspondence with the freeholder of her two bedroom flat in Mottingham, Freya initiated the lease extension process as the 80 year deadline was rapidly coming. The legal work was finalised in May 2008. The freeholder’s fees were negotiated to approximately 550 GBP.

Mottingham case:

In 2013 we were approached by Mrs M Parker who, having took over the lease of a newly refurbished flat in Mottingham in January 2011. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar premises in Mottingham with a long lease were valued about £240,600. The average amount of ground rent was £60 invoiced every twelve months. The lease ran out on 26 August 2088. Considering the 62 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.