Main reasons to start your Charlton lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Charlton you actually own a long leasehold interest over your property

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

Leasehold premises in Charlton with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders will not loan monies on a short lease

Mortgage companies are tightening their criteria and many now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Charlton were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Charlton?

Lease extensions in Charlton can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 a wealth of experience 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 Case Studies:

Isabel, Charlton, South East London,

Trailing unsuccessful correspondence with the landlord of her ground floor apartment in Charlton, Isabel initiated the lease extension process as the eighty year threshold was fast approaching. The lease extension completed in March 2012. The landlord’s fees were negotiated to about 650 GBP.

Charlton case:

Last June we were e-mailed by Dr Tyler Reed , who purchased a ground floor apartment in Charlton in May 2005. The question was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative premises in Charlton with a long lease were in the region of £193,400. The mid-range ground rent payable was £65 collected monthly. The lease came to a finish on 18 August 2085. Having 59 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including costs.