Why you should commence your Charterhouse lease extension

Why you should commence your Charterhouse lease extension today:

Increase your lease and increase your Charterhouse property value

Charterhouse leases on domestic properties are gradually losing value. if your lease has about 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Charterhouse will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not qualify. There are also strict timetables and formalities to comply with once the process is triggered so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Charterhouse property becoming difficult to sell or refinance.

What makes us experts in Charterhouse lease extensions?

Engaging our service gives you enhanced control over the value of your Charterhouse leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Charterhouse Lease Extension Example Cases:

Jodie, Charterhouse, London,

In the wake of 6 months of lengthy negotiations with the landlord of her studio apartment in Charterhouse, Jodie started the lease extension process as the eighty year threshold was quickly nearing. The transaction was concluded in February 2009. The freeholder’s costs were restricted to under 600 GBP.

Charterhouse case:

Last Christmas we were phoned by Mr and Mrs. J Simon , who purchased a one bedroom flat in Charterhouse in October 2004. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative homes in Charterhouse with an extended lease were in the region of £189,000. The average ground rent payable was £55 invoiced per annum. The lease concluded on 3 July 2079. Taking into account 53 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including expenses.