Main reasons to start your Silvertown lease extension

Top reasons for lease extension now:

Increase your lease and increase your Silvertown property value

Silvertown leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Silvertown residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Silvertown you must check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Silvertown with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This may be problematic when you come to market or refinance your property as it will be effectively unmortgageable. Even though you may not have an imminent plan to sell but when you do your purchaser must wait a couple of years before being able to initiate the legal procedures for an extension to the lease.

What makes us experts in Silvertown lease extensions?

Lease extensions in Silvertown can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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:

Jasper, Silvertown, London,

Jasper was the the leasehold proprietor of a 2 bedroom flat in Silvertown on the market with a lease of a little over fifty eight years unexpired. Jasper informally contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Jasper to exercise his statutory right. Jasper procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Silvertown case:

Mr Dylan García was assigned a lease of a purpose-built apartment in Silvertown in August 2011. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Identical residencies in Silvertown with 100 year plus lease were valued around £265,000. The average ground rent payable was £50 invoiced quarterly. The lease terminated in 2099. Taking into account 73 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.