Top reasons for Seven Sisters lease extension

Why you should start your Seven Sisters lease extension today:

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

Unfortunately that a Seven Sisters residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Seven Sisters property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. If the number of years remaining slips below 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Seven Sisters will be able to extend under the legislation; however a lawyer should be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your lawyer for the duration of the process.

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

Leasehold premises in Seven Sisters with in excess of one hundred years unexpired on the lease are often 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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to finance a property with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as inadequate security.

What makes us experts in Seven Sisters lease extensions?

The conveyancers that we work with handle 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 lawyer we work with provide it.

Seven Sisters Lease Extension Example Cases:

Adam, Seven Sisters, Baglan,

Adam was the the leasehold owner of a high value apartment in Seven Sisters being sold with a lease of a few days over sixty years remaining. Adam on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Adam to invoke his statutory right. Adam obtained expert advice and secured satisfactory deal without resorting to tribunal and sell the property.

Seven Sisters case:

Last year we were phoned by Mr and Mrs. H Gómez , who moved into a garden apartment in Seven Sisters in July 2008. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Similar residencies in Seven Sisters with an extended lease were worth £250,400. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease elapsed in 2090. Having 64 years unexpired we calculated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 plus expenses.