Skip to main content

Featured Post

What should I look for in a property maintenance company?

Some of the things to consider when choosing a property maintenance company All kinds of buildings require maintenance. Whether residential or commercial, it is very important to take care of the property so that it is in shape for many years. Therefore, you need a professional service provider to always ensure quality. The company can perform routine cleanings, emergency repairs, etc. You must be careful when planning to avoid unnecessary damage. When making a choice, you need to make sure that you end up with the plan that suits you best. In many cases, you can enter a contract with the company in question. You must also choose between short and long-term contracts. In some cases, there are some benefits that can be associated with the long-term type of contracts and you may find that they are much easier on your pocket. A trustworthy company must eliminate your worry and do a satisfying job. Some of the things worth considering include: Experience It is important to check how long

Why Extending Your Lease is Important

If you own a leasehold property, you may or may not know about the importance of extending your lease. It is likely you bought your property with many, many years left on the lease, as the vast majority of sellers will make a point of extending their lease before they sell up. If there is any chance you will need to sell your property in the next few years, or need to do anything else that depends on your property value, it is crucial that you think about extending your lease sooner rather than later.

Firstly, back to basics. What exactly is a leasehold property? They are usually flats or apartments or otherwise buildings where there is shared residency, although it is possible for some small housing estates to operate under a leasehold structure. Essentially, one person owns the building, and while people can buy a property within that building, the building itself is still owned by that person. To extend the period of ownership for your part of their building, you extend your leasehold by paying them a sum of money to secure the building for yourself for X amount of years.

Your leasehold is a way to tell the landlord how long your flat is legally your own for, whether that’s 100 years or 50 years. Ideally, you should make sure you have a lease of, at the very least, 70 years left on your home, but it is safer still to go for something over 80 years. This generally covers a lifetime, and means the property is yours for your entire life.

When this starts getting tricky is when you want to sell. If you only have, say, 50 years left on your lease, it will be worth significantly less than if you extended this lease to make it last a lifetime. If you don’t do it, the burden will fall on the buyer, which can put them off buying once they find out they will be paying a fortune on top of the initially diminished property value to extend the lease themselves. A home which comes with an extended lease already offers the buyer security and makes them feel safe in the knowledge that their home will remain theirs for as long as they need it.

In August, a property in London hit the news for being presumably the last ever home available for less than £100,000. The zone 2 flat in Brixton was apparently a snip at a mere £99,500, making this property vastly cheaper than the average London house price. Among the poor decorative order and unattractive building, the 56 year lease was cited as one of the reasons for the low value of this studio flat, showing that even in an expensive city such as London, sellers just can’t get away with not extending their lease. It will save the seller from spending money initially, but it will be very hard to sell the property and many buyers won’t want the hassle of extending a lease on their new home.

The message is clear: extend your lease before it starts to affect your property’s value. The longer you leave it, the more expensive it gets to extend, so catch it ahead of time for the best value.


Popular posts from this blog

4 Smart and effective ways to pay off debt on your own

If you are overburdened with an overwhelmingly large amount of debt, you can now reduce your debt burden on your own. If you go to legal debt relief services, you can also get rid of debt but why would you pay for services, which you can do on your own? There are very simple steps involved in paying off your debt on your own. You just have to follow these steps to pay debt off . Read on to know the steps, taking which you could relieve yourself of the debt burden 1. Pay more than the minimum amount: It is a credit card rule that you need to make a minimum payment in order to stay current on your accounts. But if you have already accumulated a huge amount of debt burden, you should look beyond paying the minimum amount each month. Go and save money to pay more than the minimum amount. Though the banks or the financial institutions will want you to make the minimum payments only in order to drag on with the interest rates, but don’t fall a prey to such bank tactics. Make sure that you

Things to Know About Tax Preparation Service

In a few months’ time, the tax season would have already started and people would once again find themselves stressed out with filling out and preparing all documents needed in order to file their tax returns on time. It is in situations like these that the importance of a tax preparer becomes even more highlighted. Now, the question becomes, what does one need to ask in order to get the right person for the job?

The differences between payday loans and cash advances

Payday loans and cash advances are very similar at what they accomplish – they provide you with money during times which you need it the most. Even though they both achieve the same goals, there are still some key differences between them. While they are both methods for getting the money that you need, quickly, your personal situation may make one of them a better or more plausible option than the other. By knowing the differences between these two different solutions to your cash flow problems, you will be able to learn what you need about these types of loans and be able to use this information to decide which one is best for you and the situation you currently find yourself in.

How to Calculate the Refunded Amount of PPI – Reclamation of Your Money

PPI is the short form of Payment Protection Insurance. You can apply for PPI loans when you are running short of funds in your bank accounts and even the current assets are undervalued for your debt. The PPI is given along with the loan you take. However, you can reclaim your money any time, if you feel that the PPI claim was overvalued and you were sold without your knowledge. You can get back all the money you have paid for PPI.

Assessing your monthly outgoings

One of the New Year’s resolutions for businesses that often get thrown around is a suggestion to keep better records. As part of that, if you’re not already being very careful with your record keeping, you should keep better track of your monthly outgoings and properly balance it against your monthly income. The benefits of this should be immediately clear and if they are not, I would suggest going and asking someone why it’s important. Anyone will do. If you have small children, even they will probably know.

Reasons to Use a Financial Management App

If you like to keep track of personal budgets, or if you just ask yourself at the end of the month where did all the money go, it is time to go from a piece of paper and a pen to your financial management app. As smartphones are everywhere now, there is no reason for you to refuse to use an app that would bring so many benefits to you and your finances. You save Money It has been proven that people who keep track of their income and expenses, and people who plan their budgets manage to save more money than others do. Financial management apps allow you follow your incomes and your costs, analyze them and see where you can cut and where you can add. Seeing the exact numbers will motivate you to want to save money, and will help you decide on whether to take a loan.