Main reasons to commence your Seven Sisters lease extension

Top reasons for lease extension now:

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

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 cost of extending the lease can escalate significantly once the unexpired lease term is below than eighty years

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

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to lend on a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter problems where you wish to sell your flat in Seven Sisters if the unexpired lease term is below the criteria set by most mortgage companies. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Seven Sisters lease extensions?

Lease extensions in Seven Sisters can be a difficult process. We recommend you obtain professional help from a lawyer 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 procuring Seven Sisters lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Seven Sisters Lease Extension Example Cases:

Kirsty, Seven Sisters, Baglan,

Off the back of lengthy discussions with the freeholder of her basement apartment in Seven Sisters, Kirsty commenced the lease extension process just as her lease was approaching the all-important 80-year deadline. The legal work was finalised in November 2009. The freeholder’s charges were negotiated to approximately 600 pounds.

Seven Sisters case:

Last Winter we were contacted by Mrs Victoria Reed , who took over the lease of a purpose-built flat in Seven Sisters in July 2002. The question was if we could estimate the price would be for a ninety year extension to my lease. Comparative premises in Seven Sisters with 100 year plus lease were worth £265,200. The average amount of ground rent was £65 collected monthly. The lease lapsed on 9 February 2091. Taking into account 66 years left we approximated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of expenses.