Why you should start your Rush Green lease extension

Why you should commence your Rush Green lease extension today:

A Rush Green leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Rush Green domestic lease diminished so does its value and therefore the value of your property. Where the lease has, beyond one hundred years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Most flat owners in Rush Green will qualify for this right; nevertheless a lawyer should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Rush Green property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.

Lending institutions will not loan monies with a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Rush Green lease extensions?

The conveyancing solicitors that we work with undertake Rush Green lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Rush Green Lease Extension Case Summaries:

Phoebe, Rush Green, London,

Following protracted discussions with the freeholder of her first floor flat in Rush Green, Phoebe started the lease extension process as the 80 year threshold was fast nearing. The legal work was finalised in June 2012. The landlord’s costs were kept to an absolute minimum.

Rush Green case:

In 2012 we were contacted by Mr Jude Hill who, having was assigned a lease of a purpose-built apartment in Rush Green in August 2012. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical premises in Rush Green with 100 year plus lease were in the region of £189,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease ended on 15 August 2077. Considering the 53 years remaining we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including fees.