Why you should start your Charlton lease extension

Top reasons for lease extension now:

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

Charlton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Charlton tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Charlton you really ought to see if your lease has between seventy and ninety years left. There are compelling reasons why a Charlton flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

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

Mortgage companies do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Charlton if the remaining lease term is under the criteria set by the majority of lenders. Different mortgage companies have different criteria but generally they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Charlton lease extensions?

Using our service will provide you increased control over the value of your Charlton leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Charlton Lease Extension Example Cases:

Leo, Charlton, South East London,

Leo was the the leasehold owner of a high value apartment in Charlton being sold with a lease of a few days over 59 years remaining. Leo informally approached his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Leo to invoke his statutory right. Leo obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Charlton case:

Last August we were e-mailed by Mr and Mrs. K Sánchez , who moved into a ground floor apartment in Charlton in July 1998. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative properties in Charlton with an extended lease were valued about £237,600. The average ground rent payable was £45 billed annually. The lease finished on 18 February 2093. Given that there were 67 years unexpired we calculated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of fees.