Why you should commence your Esher and Claygate lease extension

Main reasons to start your Esher and Claygate lease extension today:

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

Esher and Claygate leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Esher and Claygate will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has started so it’s wise to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This will be problematic as and when you come to dispose of or refinance your property as it will be effectively unmortgageable. You might not have an imminent plan to sell but when you do your purchaser must hold off for a couple of years before they can exercise the right to a a lease extension.

Get in touch with one of our Esher and Claygate lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Esher and Claygate,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Esher and Claygate valuers.

Esher and Claygate Lease Extension Example Cases:

Eliot, Esher and Claygate, Surrey,

Eliot owned a studio apartment in Esher and Claygate on the market with a lease of fraction over 72 years remaining. Eliot informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Eliot to exercise his statutory right. Eliot obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Esher and Claygate case:

In 2012 we were e-mailed by Mr and Mrs. J Garcia who, having moved into a first floor flat in Esher and Claygate in April 2005. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Comparative properties in Esher and Claygate with an extended lease were valued about £200,800. The average amount of ground rent was £65 collected annually. The lease concluded in 2086. Given that there were 60 years unexpired we approximated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including costs.