Why you should commence your Epsom lease extension

Why you should start your Epsom lease extension today:

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

With a domestic leasehold premises in Epsom, you effectively rent it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater particularly when there are fewer than eighty years remaining. Leasehold owners in Epsom with a lease drawing near to 81 years remaining should seriously consider extending it without delay. When a lease has under 80 years left, under the relevant statute the landlord is entitled to calculate and demand a larger premium, assessed on a technical computation, known as “marriage value” which is due.

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

Leasehold residencies in Epsom with more than 100 years outstanding on the lease are sometimes 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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may not loan monies with a short lease

Banks and building societies are really clamping down as regards to properties in Epsom with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

What makes us experts in Epsom lease extensions?

Lease extensions in Epsom can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 a wealth of experience procuring Epsom lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Epsom Lease Extension Case Summaries:

Finn, Epsom, Surrey,

Finn was the the leasehold proprietor of a conversion apartment in Epsom being sold with a lease of just over fifty eight years outstanding. Finn on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Finn to invoke his statutory right. Finn obtained expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Epsom case:

Last June we were contacted by Mr and Mrs. P Lewis , who took over the lease of a first floor flat in Epsom in October 1997. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar flats in Epsom with a long lease were worth £264,000. The mid-range ground rent payable was £60 billed quarterly. The lease ended on 22 October 2079. Given that there were 53 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 plus expenses.