Why you should start your Surbiton lease extension

Top reasons for lease extension now:

A Surbiton leasehold property depreciates with the years remaining on the lease.

The nearer a domestic lease in Surbiton nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 99 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than 80 years unexpired 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 Surbiton will qualify for this right; nevertheless a conveyancing solicitor will be able to advise if you qualify for a lease extension. 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.

Surbiton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage with a short lease

Banks and building societies are inclined not lend on short residential leases. You most probably encounter difficulties where you need to sell your flat in Surbiton if the remaining lease term is less than the criteria set by most banks and building societies. Different lenders have different criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Surbiton lease extensions?

Engaging our service will provide you increased control over the value of your Surbiton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want 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 Case Summaries:

Michael, Surbiton, South West London

Last Spring Michael, started to get near to the eighty-year mark with the lease on his purpose- built flat in Surbiton. In buying his flat two decades ago, the length of the lease was of no significance. Fortunately, he became aware that he needed to take action soon on Extending the lease. Michael was able to extend his lease just in the nick of time last September. Michael and the freeholder subsequently agreed on sum of £5,000 . If he had missed the deadline, the premium would have gone up by at least £1,050.

Surbiton case:

Last July we were contacted by Mr and Mrs. T Harris , who acquired a basement flat in Surbiton in July 2005. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical premises in Surbiton with an extended lease were valued around £250,400. The average amount of ground rent was £65 billed quarterly. The lease elapsed on 13 April 2090. Given that there were 64 years as a residual term we calculated the premium to the landlord for the lease extension to be between £19,000 and £22,000 not including costs.