Top reasons for Surbiton lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Surbiton. Inevitably, the term of lease left shortens over time. This is often overlooked and only becomes a problem when the property has to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Surbiton have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. Please give due consideration before putting off your Surbiton lease extension. Holding off the cost now simply increases the price you will ultimately have to pay for a lease extension

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

Leasehold residencies in Surbiton with in excess of one hundred years remaining 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not loan monies on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years left at the expiry of the mortgage. Given that plenty of flats in Surbiton were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Surbiton?

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

Surbiton Lease Extension Example Cases:

Ashleigh, Surbiton, South West London,

After lengthy discussions with the landlord of her leasehold flat in Surbiton, Ashleigh started the lease extension process just as the lease was coming close to the crucial 80-year mark. The legal work was finalised in May 2006. The landlord’s costs were negotiated to a tad over 450 pounds.

Surbiton case:

Mr and Mrs. T Gómez owned a one bedroom flat in Surbiton in March 2010. We are asked if we could approximate the price could be for a ninety year lease extension. Identical properties in Surbiton with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced per annum. The lease expired in 2098. Taking into account 72 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.