Stop! Your Lease Extension in Epsom Could Be FREE

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Many leaseholders in Epsom are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Epsom has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Epsom lease extension

Main reasons to commence your Epsom lease extension today:

Increase your lease and increase your Epsom property value

The nearer a residential lease in Epsom gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than 100 years to run then this decrease may be fractional however there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner as opposed to later. The majority of flat owners in Epsom will meet the qualifying criteria; that being said a conveyancing solicitor can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to loan monies with a short lease

Banks and building societies vary in their lending criteria. Some set the bar at seventy five years remaining on the lease; others may be content with anything with more than 70 years. Below sixty years, it may be difficult to get a mortgage at all.

Lender Requirement
Bank of Scotland
Barnsley Building Society
Birmingham Midshires
Godiva Mortgages
National Westminster Bank

Why use us for your lease extension in Epsom?

Engaging our service will provide you enhanced control over the value of your Epsom leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Epsom Lease Extension Case Studies:

Sian, Epsom, Surrey,

Following lengthy negotiations with the landlord of her garden flat in Epsom, Sian started the lease extension process just as her lease was nearing the all-important 80-year deadline. The transaction completed in May 2007. The freeholder’s fees were kept to an absolute minimum.

Epsom case:

Mrs Emily Vincent completed a one bedroom flat in Epsom in May 2010. We are asked if we could approximate the price would be for a 90 year extension to my lease. Comparable flats in Epsom with a long lease were worth £227,800. The average amount of ground rent was £45 billed quarterly. The lease termination date was on 20 July 2091. Taking into account 65 years unexpired we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including professional charges.

Decision in Sutton

An example of a Lease Extension matter before the tribunal for a Epsom residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The unexpired residue of the current lease was 60.43 years.