Main reasons to start your Carshalton lease extension

Why you should start your Carshalton lease extension today:

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

As the the remaining lease term of a Carshalton domestic lease diminished so does its value and therefore the value of your property. If the lease has, more than 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner as opposed to later. Most flat owners in Carshalton will meet the qualifying criteria; that being said a conveyancer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Carshalton with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property on a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wanting to purchase your property in the future might well do, so where they are not able to get a mortgage, then the market price of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Carshalton?

Engaging our service gives you enhanced control over the value of your Carshalton leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Carshalton Lease Extension Example Cases:

Kayleigh, Carshalton, South London,

Subsequent to unsuccessful discussions with the landlord of her ground floor apartment in Carshalton, Kayleigh initiated the lease extension process just as the lease was coming close to the crucial 80-year deadline. The transaction was concluded in February 2007. The landlord’s costs were restricted to below 650 GBP.

Carshalton case:

Dr W Patel completed a studio flat in Carshalton in May 2002. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative residencies in Carshalton with a long lease were valued about £290,000. The average ground rent payable was £45 collected monthly. The lease concluded on 14 April 2099. Given that there were 73 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.