Top reasons for Esher and Claygate lease extension

Why you should commence your Esher and Claygate lease extension today:

A Esher and Claygate leasehold property depreciates with the years remaining on the lease.

It’s an underpublicised truth that a Esher and Claygate residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Esher and Claygate property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term drops below eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Esher and Claygate will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Lending institutions have specific criteria when lending funds secured on leasehold property. Some will simply refuse lend at all once the remaining lease term goes under a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Esher and Claygate property.

Why use us for your lease extension in Esher and Claygate?

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

Esher and Claygate Lease Extension Example Cases:

Lucas, Esher and Claygate, Surrey

Half a year ago Lucas, came perilously close to the 80-year mark with the lease on his purpose- built apartment in Esher and Claygate. In buying his flat 18 years ago, the lease term was of minimal importance. Thankfully, he realised he would soon be paying way over the odds for Extending the lease. Lucas extended the lease at the eleventh hour in July. Lucas and the landlord eventually settled on the final figure of £5,000 . If the lease had gone below 80 years, the figure would have become more exhorbitant by at least £1,100.

Esher and Claygate case:

Last January we were phoned by Mrs Lily Wilson , who bought a purpose-built apartment in Esher and Claygate in November 2009. The dilemma was if we could approximate the premium could be to prolong the lease by 90 years. Comparative homes in Esher and Claygate with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £55 billed yearly. The lease elapsed in 2102. Considering the 76 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.