Main reasons to start your Esher lease extension

Why you should commence your Esher lease extension today:

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

As the length of the unexpired term of a Esher domestic lease diminished so does its value and therefore the value of your property. If the residual term has, more than 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Esher will qualify for this right; however a conveyancing solicitor should be able to confirm if you qualify 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 has roughly the same value as a freehold

Leasehold premises in Esher with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to finance a property on a short lease

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

Lease extensions in Esher can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in lease extensions.

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 lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Esher Lease Extension Case Summaries:

Robyn, Esher, Surrey,

Off the back of unsuccessful negotiations with the landlord of her ground floor flat in Esher, Robyn initiated the lease extension process as the eighty year threshold was quickly approaching. The transaction was concluded in August 2015. The landlord’s fees were restricted to approximately 700 pounds.

Esher case:

In 2013 we were approached by Mr Elijah Hill who, having moved into a purpose-built apartment in Esher in August 1998. The question was if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Comparable premises in Esher with 100 year plus lease were worth £265,000. The average amount of ground rent was £50 billed monthly. The lease concluded in 2099. Considering the 73 years remaining we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.