Top reasons for Esher lease extension

Why you should commence your Esher lease extension today:

Increase your lease and increase your Esher property value

Esher leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Esher tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Esher you should check if your lease has between 70 and ninety years left. There are compelling reasons why a Esher leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

Esher property with a lease extension has roughly the same value as a freehold

Leasehold premises in Esher with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties when you come to market or refinance your property as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer must wait two years before they can initiate the legal procedures for a lease extension.

Why use us for your lease extension in Esher?

Irrespective of whether you are a tenant or a landlord in Esher,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 valuers.

Esher Lease Extension Example Cases:

Joshua, Esher, Surrey,

Joshua was the the leasehold owner of a conversion flat in Esher being marketed with a lease of just over 72 years outstanding. Joshua on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Joshua to exercise his statutory right. Joshua obtained expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Esher case:

Last Christmas we were e-mailed by Ms P Rose , who was assigned a lease of a purpose-built apartment in Esher in June 2005. We are asked if we could approximate the price could be for a ninety year extension to my lease. Identical homes in Esher with a long lease were in the region of £166,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease came to a finish in 2080. Having 54 years unexpired we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of fees.