Why you should commence your Catford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Catford property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Catford. Clearly, the period of lease remaining shortens over time. This may pass by relatively unnoticed when the property has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Catford have the right to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give due deliberation before putting off your Catford lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease

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 roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. As many flats in Catford were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Catford lease extensions?

Irrespective of whether you are a tenant or a landlord in Catford,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Catford valuers.

Catford Lease Extension Case Studies:

Bethan, Catford, South East London,

Subsequent to lengthy discussions with the freeholder of her studio flat in Catford, Bethan initiated the lease extension process as the 80 year mark was rapidly approaching. The transaction completed in September 2012. The freeholder’s charges were kept to an absolute minimum.

Catford case:

Last Spring we were approach by Dr Adam Garcia , who owned a basement apartment in Catford in May 2004. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Catford with 100 year plus lease were in the region of £210,600. The average ground rent payable was £45 collected every twelve months. The lease concluded on 11 October 2088. Taking into account 62 years unexpired we calculated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 plus expenses.