Why you should start your Mitcham lease extension

Main reasons to start your Mitcham lease extension today:

A Mitcham lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Mitcham you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.

Lending institutions may not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will cause difficulties when you come to market or remortgage your flat as it will be practically unmortgageable. You may have no immediate desire to sell but when you do your buyer will need to hold off for two years before they can initiate the legal procedures for a lease extension.

What makes us experts in Mitcham lease extensions?

Lease extensions in Mitcham can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience procuring Mitcham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mitcham Lease Extension Case Studies:

Harry, Mitcham, South West London

Last year Harry, started to get near to the eighty-year mark with the lease on his first floor flat in Mitcham. Having bought his property 18 years ago, the length of the lease was of no importance. by good luck, he noticed he needed to take steps soon on Extending the lease. Harry extended the lease just under the wire last July. Harry and the landlord ultimately settled on an amount of £5,000 . If he had missed the deadline, the amount would have become more costly by a minimum £1,125.

Mitcham case:

Mr M Lambert purchased a first floor flat in Mitcham in September 1997. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparable properties in Mitcham with a long lease were worth £223,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease expired on 17 June 2085. Given that there were 59 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 not including costs.