Carshalton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Carshalton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Carshalton you must investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Carshalton flat owner with a lease having around 80 years left should take action to ensure that a lease extension is put in place without delay
Leasehold premises in Carshalton with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Carshalton can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 Carshalton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Matthew was the the leasehold proprietor of a high value apartment in Carshalton on the market with a lease of a little over 61 years outstanding. Matthew on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Matthew to invoke his statutory right. Matthew obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.
Mrs Abbie Martínez owned a basement flat in Carshalton in June 1997. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical residencies in Carshalton with an extended lease were in the region of £243,000. The average amount of ground rent was £65 collected monthly. The lease termination date was in 2088. Taking into account 63 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 not including costs.
An example of a Freehold Enfranchisement matter before the tribunal for a Carshalton residence is 21 & 23 Carshalton Grove in May 2009. the Tribunal adopted the figures presented as the premiums payable by the Applicant i.e. a total of £20,750. This case related to 2 flats. The unexpired term was 72 years.