Main reasons to start your Carshalton Beeches lease extension

Main reasons to commence your Carshalton Beeches lease extension today:

A Carshalton Beeches leasehold property depreciates with the years remaining on the lease.

Carshalton Beeches leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Carshalton Beeches tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Carshalton Beeches you would be well advised to see if your lease has between seventy and ninety years left. There are compelling reasons why a Carshalton Beeches flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Carshalton Beeches with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to grant a mortgage on a short lease

What makes us experts in Carshalton Beeches lease extensions?

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

Carshalton Beeches Lease Extension Example Cases:

Lily, Carshalton Beeches, Surrey,

In the wake of eight months of unsuccessful negotiations with the freeholder of her studio flat in Carshalton Beeches, Lily commenced the lease extension process just as her lease was approaching the crucial eighty-year deadline. The legal work completed in May 2011. The landlord’s costs were negotiated to a tad over 500 GBP.

Carshalton Beeches case:

In 2009 we were phoned by Dr M Laurent who, having moved into a one bedroom flat in Carshalton Beeches in January 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Similar properties in Carshalton Beeches with 100 year plus lease were in the region of £275,000. The average ground rent payable was £45 billed annually. The lease ended on 16 November 2095. Taking into account 69 years outstanding we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.