Why you should commence your Ashtead lease extension

Main reasons to start your Ashtead lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Ashtead. Inevitably, the term of lease left reduces over time. This is often ignored and only becomes a problem when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Ashtead have the right to extend the lease for a further 90 years under legislation. You should give due attention before delaying your Ashtead lease extension. Holding off the cost now simply increases the price you will eventually have to pay for a lease extension

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

Leasehold premises in Ashtead with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders may not finance a property with a short lease

Most banks and building societies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Ashtead property being difficult to dispose of or remortgage.

What makes us experts in Ashtead lease extensions?

Lease extensions in Ashtead can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.

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 in-depth market knowledge procuring Ashtead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ashtead Lease Extension Case Summaries:

Dexter, Ashtead, Surrey

In 2014 Dexter, came dangerously near to the eighty-year threshold with the lease on his one bedroom apartment in Ashtead. Having bought his flat two decades ago, the length of the lease was of minimal interest. As luck would have it, he realised he needed to take action soon on a lease extension. Dexter extended the lease at the eleventh hour last May. Dexter and the freeholder ultimately agreed on a premium of £5,500 . If he failed to meet the deadline, the amount would have escalated by a minimum £950.

Ashtead case:

Last Spring we were phoned by Mrs J Carter , who purchased a one bedroom flat in Ashtead in October 1995. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar properties in Ashtead with a long lease were in the region of £200,000. The average amount of ground rent was £50 billed annually. The lease expired in 2103. Taking into account 78 years unexpired we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.