Main reasons to start your Caterham lease extension

Top reasons for lease extension now:

A Caterham lease depreciates with the years remaining on the lease.

As the length of the unexpired term of a Caterham residential lease diminished so does its value and therefore the value of your property. If the residual term has, more than 99 years to run then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Caterham will qualify for this right; however a conveyancing solicitor will be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold residencies in Caterham with in excess of 100 years remaining on the lease are sometimes 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 freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may not lend on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience problems if you need to sell your flat in Caterham if the remaining lease term is under the criteria set by the majority of lenders. Different lenders have varying criteria but on the whole they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Caterham?

Engaging our service will provide you better control over the value of your Caterham leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Caterham Lease Extension Example Cases:

Milo, Caterham, Surrey,

Milo was the the leasehold proprietor of a high value flat in Caterham being marketed with a lease of a few days over fifty eight years left. Milo informally contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. No ground rent would be payable on a lease extension were Milo to invoke his statutory right. Milo procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Caterham case:

Last January we were e-mailed by Mr Rory Lewis , who acquired a first floor apartment in Caterham in June 2012. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Identical properties in Caterham with 100 year plus lease were worth £198,800. The average ground rent payable was £55 invoiced yearly. The lease elapsed in 2081. Having 55 years unexpired we approximated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 not including professional charges.