Why you should commence your Strawberry Hill lease extension

Top reasons for lease extension now:

A Strawberry Hill leasehold property depreciates with the years remaining on the lease.

Strawberry Hill leases on residential deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Strawberry Hill will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

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

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not issue a mortgage on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are not able to secure a mortgage, then the market price of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Strawberry Hill?

The conveyancers that we work with procure Strawberry Hill 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 conveyancing solicitor we work with provide it.

Strawberry Hill Lease Extension Case Studies:

James, Strawberry Hill, North London

In recent months James, came dangerously close to the eighty-year mark with the lease on his one bedroom flat in Strawberry Hill. In buying his property two decades ago, the length of the lease was of little bearing. Thankfully, he noticed he would imminently be paying an inflated amount for Extending the lease. James arranged for a lease extension at the eleventh hour in March. James and the landlord subsequently settled on an amount of £5,500 . If he not met the deadline, the sum would have become more costly by at least £975.

Strawberry Hill case:

Mr and Mrs. B Clark took over the lease of a studio flat in Strawberry Hill in July 2001. We are asked if we could approximate the premium could be to extend the lease by an additional years. Identical flats in Strawberry Hill with an extended lease were in the region of £189,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease came to a finish in 2078. Considering the 53 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of expenses.