Carshalton Beeches leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease drops lower than 80 years - otherwise a higher premium will be payable. Flat owners in Carshalton Beeches will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In some cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Carshalton Beeches can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Carshalton Beeches lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Christmas Theo, started to get near to the 80-year threshold with the lease on his garden apartment in Carshalton Beeches. In buying his property two decades ago, the unexpired term was of no concern. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Theo arranged for a lease extension just under the wire in May. Theo and the landlord ultimately settled on sum of £5,000 . If the lease had dipped to less than 80 years, the price would have become more costly by a minimum £1,050.
Last Summer we were contacted by Mr and Mrs. D Alexander , who completed a one bedroom apartment in Carshalton Beeches in October 1997. The dilemma was if we could approximate the price would be for a 90 year lease extension. Identical homes in Carshalton Beeches with a long lease were worth £267,600. The average ground rent payable was £65 billed per annum. The lease terminated on 22 November 2092. Given that there were 67 years remaining we estimated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.
An example of a Freehold Enfranchisement matter before the tribunal for a Carshalton Beeches premises is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case related to 3 flats. The unexpired term as at the valuation date was 75 years.