Why you should commence your Charterhouse lease extension

Top reasons for lease extension now:

Increase your lease and increase your Charterhouse property value

Charterhouse leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Charterhouse residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Charterhouse you must check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

Charterhouse property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage on a short lease

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

Lease extensions in Charterhouse can be a difficult process. We recommend you obtain professional help from a lawyer 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 a wealth of experience dealing with Charterhouse lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Charterhouse Lease Extension Example Cases:

Ellen, Charterhouse, London,

Off the back of protracted correspondence with the landlord of her basement apartment in Charterhouse, Ellen started the lease extension process as the eighty year deadline was fast approaching. The lease extension was concluded in October 2011. The freeholder’s fees were kept to an absolute minimum.

Charterhouse case:

In 2013 we were phoned by Mr and Mrs. R García who, having completed a studio flat in Charterhouse in September 2010. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Identical residencies in Charterhouse with 100 year plus lease were in the region of £210,000. The mid-range ground rent payable was £50 collected monthly. The lease expiry date was in 2106. Having 80 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus costs.