Why you should start your Charlton lease extension

Main reasons to start your Charlton lease extension today:

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

The value of Charlton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Charlton with over 100 years outstanding 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 buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not lend with a short lease

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

Irrespective of whether you are a tenant or a landlord in Charlton,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Charlton valuers.

Charlton Lease Extension Case Studies:

Michael, Charlton, South East London

In 2014 Michael, came dangerously near to the eighty-year threshold with the lease on his basement apartment in Charlton. Having bought his home two decades ago, the unexpired term was of no bearing. by good luck, he became aware that he needed to take action soon on a lease extension. Michael arranged for a lease extension just under the wire last August. Michael and the landlord who owned the flat above ultimately agreed on sum of £5,000 . If he failed to meet the deadline, the premium would have gone up by at least £1,100.

Charlton case:

Ms Stephanie François owned a first floor apartment in Charlton in August 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Similar properties in Charlton with an extended lease were worth £255,000. The mid-range ground rent payable was £50 collected monthly. The lease finished in 2097. Taking into account 71 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.