Why you should start your Temple Fortune lease extension

Why you should start your Temple Fortune lease extension today:

A Temple Fortune lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Temple Fortune. Inevitably, the length of lease remaining shortens over time. This is often ignored and only raises itself as an issue when the property needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Temple Fortune have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give due consideration before delaying your Temple Fortune lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold properties in Temple Fortune with over one hundred years unexpired on the lease are sometimes 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 purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will cause difficulties as and when you come to market or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must wait two years before being able to exercise the right to a a lease extension.

What makes us experts in Temple Fortune lease extensions?

Regardless of whether you are a tenant or a freeholder in Temple Fortune,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Temple Fortune valuers.

Temple Fortune Lease Extension Example Cases:

Caitlin, Temple Fortune, North London,

Off the back of lengthy negotiations with the freeholder of her studio apartment in Temple Fortune, Caitlin started the lease extension process just as her lease was nearing the crucial 80-year mark. The legal work completed in July 2011. The freeholder’s costs were kept to an absolute minimum.

Temple Fortune case:

Mr L Parker owned a studio apartment in Temple Fortune in March 2010. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Temple Fortune with an extended lease were valued around £290,000. The mid-range ground rent payable was £45 billed every twelve months. The lease terminated in 2098. Given that there were 72 years outstanding we estimated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus legals.