Main reasons to commence your Silvertown lease extension

Top reasons for lease extension now:

Increase your lease and increase your Silvertown property value

It’s an underpublicised certainty that a Silvertown residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Silvertown property market.Once your lease gets to 85ish years, you should start thinking about 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 amount will be payable. Most flat owners in Silvertown will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

Silvertown property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may not finance a property with a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Silvertown lease extension solicitors or enfranchisement solicitors

Lease extensions in Silvertown can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 Silvertown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Silvertown Lease Extension Example Cases:

Seth, Silvertown, London

Last year Seth, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Silvertown. Having bought his home 18 years previously, the unexpired term was of no significance. Luckily, it dawned on him that he needed to take action soon on Extending the lease. Seth arranged for a lease extension just in the nick of time last June. Seth and the freeholder in the end settled on a premium of £6,000 . If he had missed the deadline, the price would have increased by at least £1,025.

Silvertown case:

In 2013 we were called by Mr and Mrs. Y Thompson who, having acquired a basement flat in Silvertown in November 2007. The question was if we could estimate the premium would be for a 90 year lease extension. Comparative flats in Silvertown with an extended lease were valued around £186,000. The average ground rent payable was £65 collected annually. The lease came to a finish on 24 July 2084. Taking into account 58 years left we calculated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 exclusive of legals.