Why you should commence your Silvertown lease extension

Main reasons to commence your Silvertown lease extension today:

A Silvertown leasehold property depreciates with the years remaining on the lease.

Silvertown leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Silvertown enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Silvertown you really ought to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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

Leasehold residencies in Silvertown with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may not loan monies on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be inadequate security.

What makes us experts in Silvertown lease extensions?

Regardless of whether you are a tenant or a freeholder in Silvertown,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Silvertown valuers.

Silvertown Lease Extension Example Cases:

Alisha, Silvertown, London,

After lengthy discussions with the freeholder of her garden apartment in Silvertown, Alisha commenced the lease extension process as the 80 year mark was quickly approaching. The transaction was finalised in August 2008. The freeholder’s fees were kept to an absolute minimum.

Silvertown case:

Mr and Mrs. L Bertrand moved into a garden flat in Silvertown in May 2009. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar properties in Silvertown with 100 year plus lease were valued around £246,800. The mid-range ground rent payable was £60 collected per annum. The lease elapsed in 2076. Given that there were 50 years left we calculated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of fees.