Main reasons to start your Epsom and Ewell lease extension

Why you should start your Epsom and Ewell lease extension today:

A Epsom and Ewell leasehold property depreciates with the years remaining on the lease.

Epsom and Ewell leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Epsom and Ewell will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and formalities to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

Epsom and Ewell property with a lease extension is almost the same value as a freehold

Leasehold residencies in Epsom and Ewell with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to lend with a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Epsom and Ewell lease extensions?

The conveyancers that we work with procure Epsom and Ewell 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 conveyancing solicitor we work with provide it.

Epsom and Ewell Lease Extension Example Cases:

Katie, Epsom and Ewell, Surrey,

After lengthy correspondence with the landlord of her two bedroom apartment in Epsom and Ewell, Katie initiated the lease extension process as the 80 year deadline was fast advancing. The lease extension was finalised in November 2013. The landlord’s costs were negotiated to a tad over 450 pounds.

Epsom and Ewell case:

Last Spring we were called by Mr Charlie Díaz , who completed a basement apartment in Epsom and Ewell in March 2012. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar premises in Epsom and Ewell with a long lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced yearly. The lease terminated in 2095. Taking into account 70 years remaining we approximated the premium to the freeholder to extend the lease to be between £10,500 and £12,000 not including costs.