Top reasons for Seven Sisters lease extension

Main reasons to commence your Seven Sisters lease extension today:

A Seven Sisters leasehold property depreciates with the years remaining on the lease.

With a long leasehold property in Seven Sisters, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly when there are fewer than eighty years left. Residents in Seven Sisters with a lease approaching 81 years remaining should seriously think of extending it sooner as opposed to later. Once a lease has below eighty years outstanding, under the relevant statute the landlord is entitled to calculate and charge a larger amount, based on a technical computation, strangely termed as “marriage value” which is payable.

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

Leasehold residencies in Seven Sisters with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to lend on a short lease

Most banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should be mindful that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to obtain a mortgage, then the value of the property will likely be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Seven Sisters lease extensions?

The conveyancing solicitors that we work with procure Seven Sisters 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.

Seven Sisters Lease Extension Case Studies:

Lucy, Seven Sisters, Baglan,

Subsequent to unsuccessful negotiations with the landlord of her basement flat in Seven Sisters, Lucy started the lease extension process as the 80 year mark was fast nearing. The transaction was finalised in January 2013. The freeholder’s charges were restricted to under 450 GBP.

Seven Sisters case:

In 2013 we were e-mailed by Mr and Mrs. U Williams who, having completed a one bedroom flat in Seven Sisters in August 2009. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Identical flats in Seven Sisters with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £65 billed monthly. The lease elapsed in 2094. Considering the 68 years left we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.