Main reasons to commence your Charing Cross lease extension

Top reasons for lease extension now:

Increase your lease and increase your Charing Cross property value

There is no doubt about it a leasehold flat or house in Charing Cross is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 125 years remaining 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 termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Charing Cross will meet the qualifying criteria; however a conveyancing solicitor will be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Charing Cross property with a lease extension has roughly the same value as a freehold

Leasehold properties in Charing Cross with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Nearly all mortgage companies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to accept

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 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 Charing Cross valuers.

Charing Cross Lease Extension Case Studies:

Jasmine, Charing Cross, London,

Subsequent to lengthy discussions with the landlord of her one bedroom apartment in Charing Cross, Jasmine commenced the lease extension process just as the lease was coming close to the crucial 80-year mark. The legal work was concluded in November 2008. The freeholder’s costs were kept to an absolute minimum.

Charing Cross case:

Last month we were e-mailed by Mr and Mrs. K Petit , who completed a basement apartment in Charing Cross in January 2004. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical properties in Charing Cross with a long lease were in the region of £216,000. The average amount of ground rent was £60 billed monthly. The lease terminated on 23 May 2084. Considering the 58 years left we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.