Why you should commence your Seven Sisters lease extension

Top reasons for lease extension now:

Increase your lease and increase your Seven Sisters property value

The value of Seven Sisters leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Seven Sisters with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may not issue a mortgage with a short lease

Lenders are really clamping down as regards to homes in Seven Sisters with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Get in touch with one of our Seven Sisters lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Seven Sisters leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Seven Sisters Lease Extension Case Studies:

Alfie, Seven Sisters, Baglan,

Alfie was the the leasehold owner of a 2 bedroom apartment in Seven Sisters being sold with a lease of just over sixty years remaining. Alfie informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Alfie to exercise his statutory right. Alfie obtained expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Seven Sisters case:

Last year we were e-mailed by Mr and Mrs. K Leroy , who owned a one bedroom apartment in Seven Sisters in October 1997. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparative homes in Seven Sisters with a long lease were valued around £210,000. The average amount of ground rent was £50 collected annually. The lease elapsed in 2106. Considering the 80 years left we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.