Top reasons for West Smithfield lease extension

Why you should commence your West Smithfield lease extension today:

A West Smithfield lease depreciates with the years remaining on the lease.

As the the remaining lease term of a West Smithfield residential lease lessens so does its value and therefore the value of your property. Where the residual term has, more than 100 years remaining then this decrease may be of little impact however there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in West Smithfield will qualify for this right; that being said a lawyer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

Banks and building societies are really clamping down as regards to homes in West Smithfield with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting your market.

What makes us experts in West Smithfield lease extensions?

Irrespective of whether you are a tenant or a landlord in West Smithfield,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with West Smithfield valuers.

West Smithfield Lease Extension Example Cases:

Chloe, West Smithfield, London,

After unsuccessful negotiations with the landlord of her studio flat in West Smithfield, Chloe started the lease extension process just as the lease was coming close to the critical 80-year mark. The lease extension was concluded in March 2011. The freeholder’s charges were kept to an absolute minimum.

West Smithfield case:

Last month we were contacted by Mr Dexter Bailey , who owned a recently refurbished apartment in West Smithfield in October 2005. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Comparable residencies in West Smithfield with 100 year plus lease were valued around £189,000. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish on 4 February 2079. Given that there were 53 years unexpired we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of expenses.