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.

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Seven Sisters. Inevitably, the length of lease remaining reduces over time. This may slip by relatively unnoticed when the residence needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Seven Sisters have the legal entitlement to extend the lease for an additional ninety years under statute. Please give due deliberation before putting off your Seven Sisters lease extension. Holding off that expense now only increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

Leasehold residencies in Seven Sisters with in excess of 100 years unexpired 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not grant a mortgage with a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold homes. Some will simply not lend at all once an unexpired lease term goes below a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Seven Sisters home.

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 conveyancer we work with provide it.

Seven Sisters Lease Extension Example Cases:

Georgia, Seven Sisters, Baglan,

Following lengthy discussions with the landlord of her two bedroom flat in Seven Sisters, Georgia initiated the lease extension process as the eighty year deadline was rapidly coming. The lease extension was finalised in November 2013. The landlord’s charges were kept to an absolute minimum.

Seven Sisters case:

In 2012 we were approached by Ms Mia James who, having completed a one bedroom apartment in Seven Sisters in August 1995. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar flats in Seven Sisters with an extended lease were worth £300,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease terminated in 2102. Given that there were 76 years left we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.