Top reasons for Chertsey lease extension

Main reasons to start your Chertsey lease extension today:

Increase your lease and increase your Chertsey property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chertsey. Inevitably, the period of lease left shortens as time goes by. This is often ignored and only raises itself as an issue when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Chertsey have the legal entitlement to extend the lease for a further 90 years in accordance with statute. Do give careful attention before delaying your Chertsey lease extension. Putting off that expense now likely increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

Leasehold premises in Chertsey with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not issue a mortgage on a short lease

Nearly all mortgage lenders will not lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Chertsey property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Chertsey lease extensions?

The conveyancing solicitors that we work with procure Chertsey lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Chertsey Lease Extension Example Cases:

Alice, Chertsey, Surrey,

Trailing lengthy correspondence with the landlord of her leasehold flat in Chertsey, Alice started the lease extension process just as her lease was nearing the all-important 80-year deadline. The lease extension completed in January 2011. The freeholder’s fees were restricted to under 700 GBP.

Chertsey case:

Dr Matthew Cooper owned a one bedroom flat in Chertsey in June 2006. The question was if we could approximate the premium would likely be for a ninety year lease extension. Similar properties in Chertsey with a long lease were in the region of £260,000. The average ground rent payable was £50 billed quarterly. The lease finished in 2097. Given that there were 71 years remaining we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.