Main reasons to start your Charlton lease extension

Why you should start your Charlton lease extension today:

Increase your lease and increase your Charlton property value

Charlton residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be inadequate security.

Get in touch with one of our Charlton lease extension solicitors or enfranchisement solicitors

Lease extensions in Charlton can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Charlton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Charlton Lease Extension Case Studies:

Charlie, Charlton, South East London,

Charlie was the the leasehold proprietor of a 2 bedroom flat in Charlton being marketed with a lease of just over 59 years remaining. Charlie informally approached his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be due on a lease extension were Charlie to exercise his statutory right. Charlie procured expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.

Charlton case:

In 2010 we were called by Mr Max Gómez who, having owned a studio apartment in Charlton in February 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparative flats in Charlton with an extended lease were worth £168,800. The average ground rent payable was £60 collected yearly. The lease ran out in 2081. Taking into account 55 years unexpired we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.