Main reasons to commence your Chertsey lease extension

Why you should start your Chertsey lease extension today:

A Chertsey lease depreciates with the years remaining on the lease.

Chertsey leases on residential deteriorating in value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Chertsey will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some situations you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

What makes us experts in Chertsey lease extensions?

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

Chertsey Lease Extension Example Cases:

Benjamin, Chertsey, Surrey,

Benjamin owned a studio flat in Chertsey on the market with a lease of fraction over 59 years remaining. Benjamin on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin procured expert advice and was able to make an informed decision and handle with the matter and sell the flat.

Chertsey case:

Last Winter we were e-mailed by Mr and Mrs. E Stewart , who moved into a first floor flat in Chertsey in September 2009. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical residencies in Chertsey with a long lease were valued around £261,600. The mid-range ground rent payable was £60 collected yearly. The lease came to a finish in 2078. Taking into account 52 years left we approximated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 plus professional charges.