Top reasons for Seven Sisters lease extension

Main reasons to 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 wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Seven Sisters property market.Once your lease gets to 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be due. Most flat owners in Seven Sisters will be able to extend under the legislation; however a lawyer should be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancer 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 over 100 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic once you need to sell or refinance your property as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your buyer will need to hold off for 2 years before they can start the legal procedures for a lease extension.

What makes us experts in Seven Sisters lease extensions?

Using our service gives you increased control over the value of your Seven Sisters leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Seven Sisters Lease Extension Example Cases:

Elijah, Seven Sisters, Baglan

Half a year ago Elijah, came precariously close to the 80-year mark with the lease on his leasehold flat in Seven Sisters. Having bought his flat two decades ago, the length of the lease was of minimal significance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Elijah was able to extend his lease just ahead of time last June. Elijah and the freeholder ultimately agreed on an amount of £5,500 . If he not met the deadline, the price would have escalated by a minimum £900.

Seven Sisters case:

Last Summer we were phoned by Mr N Fournier , who moved into a first floor apartment in Seven Sisters in October 2001. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Identical residencies in Seven Sisters with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 invoiced annually. The lease came to a finish in 2098. Having 72 years outstanding we estimated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 not including fees.