Carshalton leases on residential deteriorating in value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease dips below eighty years - otherwise a higher premium will be payable. Flat owners in Carshalton will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold premises in Carshalton with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Carshalton can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 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.
In the wake of eight months of lengthy discussions with the landlord of her basement apartment in Carshalton, Sian commenced the lease extension process just as her lease was coming close to the all-important 80-year deadline. The transaction was concluded in June 2005. The landlord’s charges were kept to an absolute minimum.
Last month we were called by Mr David Clarke , who bought a purpose-built apartment in Carshalton in January 2009. We are asked if we could estimate the premium could be to extend the lease by ninety years. Comparable properties in Carshalton with an extended lease were valued around £191,400. The mid-range ground rent payable was £55 collected annually. The lease came to a finish in 2080. Having 54 years left we calculated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 plus fees.
An example of a Freehold Enfranchisement decision for a Carshalton premises 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 affected 2 flats. The number of years remaining on the existing lease(s) was 72 years.