Top reasons for Surbiton lease extension

Why you should commence your Surbiton lease extension today:

Increase your lease and increase your Surbiton property value

With a long leasehold premises in Surbiton, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than 80 years remaining. Anyone in Surbiton with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When a lease has less than eighty years remaining, under the relevant statute the freeholder can calculate and charge a larger premium, assessed on a technical multiplication, known as “marriage value” which is due.

Surbiton property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Surbiton with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to grant a mortgage with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Surbiton property being difficult to sell or to obtain finance on.

What makes us experts in Surbiton lease extensions?

Using our service will provide you increased control over the value of your Surbiton leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Surbiton Lease Extension Example Cases:

Dexter, Surbiton, South West London,

Dexter owned a conversion flat in Surbiton on the market with a lease of a few days over 59 years left. Dexter on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Dexter to exercise his statutory right. Dexter procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.

Surbiton case:

Dr Jonathan Morris owned a basement flat in Surbiton in September 2010. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Similar residencies in Surbiton with an extended lease were worth £260,200. The mid-range ground rent payable was £65 invoiced monthly. The lease expired on 24 September 2091. Considering the 66 years left we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 not including costs.