Main reasons to commence your Charing Cross lease extension

Main reasons to commence your Charing Cross lease extension today:

Increase your lease and increase your Charing Cross property value

When it comes to long leasehold property in Charing Cross, you effectively rent it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive especially once there are fewer than 80 years left. Leasehold owners in Charing Cross with a lease approaching 81 years unexpired should seriously think of extending it sooner as opposed to later. Once a lease has less than eighty years remaining, under the current legislation the freeholder is entitled to calculate and charge a larger amount, assessed on a technical calculation, known as “marriage value” which is due.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not loan monies with a short lease

Most mortgage lenders will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Charing Cross property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Charing Cross?

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

Charing Cross Lease Extension Case Studies:

Owen, Charing Cross, London

Half a year ago Owen, came seriously close to the eighty-year threshold with the lease on his studio flat in Charing Cross. In buying his flat 18 years previously, the lease term was of little concern. Fortunately, he realised he would imminently be paying an inflated amount for a lease extension. Owen arranged for a lease extension just in the nick of time last March. Owen and the freeholder via the management company in the end agreed on the final figure of £5,500 . If the lease had gone to less than eighty years, the price would have become more costly by a minimum £950.

Charing Cross case:

In 2014 we were approached by Ms Chelsea Evans who, having owned a first floor apartment in Charing Cross in March 2009. The question was if we could estimate the premium would be for a ninety year lease extension. Comparable residencies in Charing Cross with 100 year plus lease were valued about £166,800. The mid-range amount of ground rent was £50 billed every twelve months. The lease elapsed in 2076. Having 50 years left we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of costs.