Top reasons for Surbiton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Surbiton property value

The re-sale value of a leasehold property in Surbiton is impacted by how long the lease has left to run. If it is close to or less than eighty years you should anticipate problems on re-sale, so it is advisable to arrange for the lease to be extended before purchasing. It is ideal to start the lease extension process when a lease still has 82 years unexpired so that formalities can be addressed prior to the eighty year mark. Statute entitles Surbiton qualifying lessees to a 90 year extension added to their unexpired lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems if you want to sell your flat in Surbiton if the remaining term of your lease is less than the criteria set by most lenders. Different lenders have varying requirements but generally they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Surbiton lease extensions?

Irrespective of whether you are a tenant or a landlord in Surbiton,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Surbiton valuers.

Surbiton Lease Extension Example Cases:

Jasper, Surbiton, South West London,

Jasper was the the leasehold proprietor of a high value apartment in Surbiton being marketed with a lease of a few days over fifty eight years unexpired. Jasper informally approached his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Jasper to exercise his statutory right. Jasper procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Surbiton case:

In 2014 we were phoned by Dr G Michel who, having acquired a garden apartment in Surbiton in November 2004. The dilemma was if we could estimate the premium could be to prolong the lease by 90 years. Similar residencies in Surbiton with an extended lease were valued about £216,000. The mid-range ground rent payable was £60 billed per annum. The lease terminated in 2083. Given that there were 58 years left we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including professional charges.