Main reasons to commence your Charlton lease extension

Why you should start your Charlton lease extension today:

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

Charlton residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Charlton with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders will not loan monies on a short lease

Why use us for your lease extension in Charlton?

The conveyancers that we work with undertake Charlton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Charlton Lease Extension Example Cases:

Connor, Charlton, South East London,

Connor was the the leasehold proprietor of a conversion apartment in Charlton on the market with a lease of a few days over fifty eight years remaining. Connor informally contacted his freeholder 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 new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Connor to exercise his statutory right. Connor obtained expert advice and was able to make an informed judgement and handle with the matter and sell the flat.

Charlton case:

Last Autumn we were phoned by Dr Liam Pérez , who owned a purpose-built apartment in Charlton in September 2006. We are asked if we could approximate the premium would be to extend the lease by ninety years. Similar premises in Charlton with 100 year plus lease were in the region of £249,200. The average amount of ground rent was £60 billed yearly. The lease lapsed in 2077. Taking into account 51 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 not including professional charges.