Top reasons for Charterhouse lease extension

Why you should start your Charterhouse lease extension today:

Increase your lease and increase your Charterhouse property value

Charterhouse leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease dips below eighty years - otherwise a higher premium will be due. Leasehold owners in Charterhouse will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend on a short lease

Most high street banks are tightening their criteria and many now expect flats to have at least sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Charterhouse were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Charterhouse lease extensions?

Using our service will provide you enhanced control over the value of your Charterhouse leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Charterhouse Lease Extension Example Cases:

Stanley, Charterhouse, London,

Stanley was the the leasehold proprietor of a conversion flat in Charterhouse being sold with a lease of fraction over 59 years left. Stanley informally contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Stanley to exercise his statutory right. Stanley procured expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.

Charterhouse case:

Last Summer we were contacted by Mrs Sarah Smith , who acquired a first floor flat in Charterhouse in October 2006. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Identical residencies in Charterhouse with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £45 billed monthly. The lease came to a finish in 2095. Taking into account 69 years remaining we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.