Main reasons to commence your Charlton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Charlton property value

Charlton leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher amount will be payable. Leasehold owners in Charlton will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This may cause difficulties once you need to sell or refinance your flat as it will be effectively unmortgageable. You might have no imminent intention to sell but when you do your buyer will have to wait 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Charlton lease extensions?

Lease extensions in Charlton can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.

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 dealing with 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 Example Cases:

Katie, Charlton, South East London,

Off the back of protracted discussions with the landlord of her basement flat in Charlton, Katie initiated the lease extension process just as the lease was approaching the all-important 80-year threshold. The legal work was concluded in January 2010. The freeholder’s costs were negotiated to slightly above 650 GBP.

Charlton case:

Last Winter we were called by Mr and Mrs. Y Reed , who moved into a basement flat in Charlton in April 1998. We are asked if we could estimate the premium could be for a 90 year lease extension. Comparative properties in Charlton with a long lease were in the region of £280,000. The average amount of ground rent was £55 billed monthly. The lease expiry date was on 10 January 2104. Given that there were 78 years as a residual term we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including costs.