Why you should commence your Caterham lease extension

Main reasons to start your Caterham lease extension today:

Increase your lease and increase your Caterham property value

Caterham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Caterham enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Caterham you really ought to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Caterham leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably experience difficulties if you need to sell your flat in Caterham if the unexpired lease term is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for an unexpired term of at least seventy years.

What makes us experts in Caterham lease extensions?

Lease extensions in Caterham can be a difficult process. We recommend you obtain professional help 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 Caterham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Caterham Lease Extension Case Studies:

Jake, Caterham, Surrey,

Jake owned a 2 bedroom apartment in Caterham being sold with a lease of a little over 59 years left. Jake informally contacted his freeholder being a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Jake to invoke his statutory right. Jake obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Caterham case:

In 2013 we were approached by Dr N González who, having acquired a recently refurbished flat in Caterham in April 2007. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Similar properties in Caterham with 100 year plus lease were worth £295,000. The mid-range amount of ground rent was £45 collected per annum. The lease ended on 25 July 2100. Given that there were 74 years unexpired we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.