Why you should commence your Cranleigh lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cranleigh property value

There is no doubt about it a leasehold flat or house in Cranleigh is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years to run then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Most flat owners in Cranleigh will qualify for this right; however a conveyancer can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Cranleigh with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not finance a property on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As many flats in Cranleigh were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Cranleigh can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Cranleigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cranleigh Lease Extension Case Studies:

Chelsea, Cranleigh, Surrey,

Off the back of lengthy negotiations with the freeholder of her ground floor flat in Cranleigh, Chelsea initiated the lease extension process as the eighty year deadline was rapidly coming. The legal work was concluded in November 2015. The landlord’s charges were kept to an absolute minimum.

Cranleigh case:

Last Spring we were contacted by Mr Harry Lefèvre , who was assigned a lease of a studio apartment in Cranleigh in September 2009. The question was if we could approximate the premium would be for a ninety year extension to my lease. Identical flats in Cranleigh with 100 year plus lease were valued about £250,000. The mid-range amount of ground rent was £50 collected quarterly. The lease elapsed on 27 November 2096. Taking into account 70 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.

Cranleigh case:

Mr Connor Lewis completed a basement flat in Cranleigh in February 2000. The question was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar residencies in Cranleigh with a long lease were in the region of £246,800. The average amount of ground rent was £60 invoiced annually. The lease ran out on 21 October 2076. Considering the 50 years remaining we approximated the compensation to the freeholder for the lease extension to be within £44,700 and £51,600 plus expenses.