Why you should start your Carshalton lease extension

Top reasons for lease extension now:

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

Carshalton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Carshalton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Carshalton you would be well advised to check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Carshalton leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Banks and building societies are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that plenty of flats in Carshalton were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Carshalton lease extension solicitors or enfranchisement solicitors

Lease extensions in Carshalton can be a difficult process. We recommend you get 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 a wealth of experience dealing with Carshalton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Carshalton Lease Extension Case Studies:

Harrison, Carshalton, South London

Two years ago Harrison, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Carshalton. Having bought his property 19 years previously, the length of the lease was of minimal importance. Fortunately, he recognised he would soon be paying an inflated amount for Extending the lease. Harrison was able to extend his lease just under the wire in April. Harrison and the landlord who owned the flat above eventually agreed on a premium of £5,500 . If the lease had descended lower than 80 years, the amount would have gone up by at least £875.

Carshalton case:

Ms V Evans owned a ground floor flat in Carshalton in June 2008. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparative properties in Carshalton with a long lease were in the region of £233,200. The mid-range ground rent payable was £60 collected yearly. The lease terminated in 2087. Having 61 years remaining we estimated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 exclusive of professional charges.