Why you should start your Cheam lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cheam property value

Cheam leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Cheam residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Cheam you must investigate if your lease has between 70 and ninety years left. There are good reasons why a Cheam leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As plenty of flats in Cheam were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Cheam lease extensions?

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

Cheam Lease Extension Example Cases:

Hunter, Cheam, South London,

Hunter was the the leasehold proprietor of a conversion apartment in Cheam on the market with a lease of just over 72 years outstanding. Hunter on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Hunter to invoke his statutory right. Hunter obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Cheam case:

Mr and Mrs. F Bertrand moved into a garden flat in Cheam in October 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable premises in Cheam with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £60 billed annually. The lease came to a finish on 7 June 2088. Given that there were 62 years left we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of expenses.