Main reasons to commence your Meopham lease extension

Why you should commence your Meopham lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Meopham. Inevitably, the term of lease left reduces over time. This is often overlooked and only becomes a problem when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Meopham have the legal entitlement to extend the lease for a further 90 years under statute. You should give due attention before putting off your Meopham lease extension. Putting off the cost now simply increases the price you will ultimately incur for a lease extension

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not finance a property with a short lease

Nearly all mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be conscious that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they are not able to secure a mortgage, then the market price of the property will likely suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Meopham lease extensions?

Lease extensions in Meopham can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 dealing with Meopham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Meopham Lease Extension Case Studies:

William, Meopham, Kent

Half a year ago William, came dangerously close to the eighty-year threshold with the lease on his first floor apartment in Meopham. Having purchased his flat two decades ago, the unexpired term was of little importance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. William was able to extend his lease just under the wire in January. William and the freeholder eventually agreed on sum of £5,500 . If the lease had slipped lower than 80 years, the price would have gone up by at least £1,125.

Meopham case:

Last Summer we were contacted by Ms U Nguyen , who owned a one bedroom apartment in Meopham in September 1998. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical homes in Meopham with a long lease were worth £265,200. The average amount of ground rent was £65 billed every twelve months. The lease expiry date was on 9 May 2092. Having 66 years outstanding we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 plus professional charges.

Meopham case:

Mr and Mrs. P Harris was assigned a lease of a one bedroom flat in Meopham in March 1997. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Similar premises in Meopham with 100 year plus lease were valued around £198,800. The average ground rent payable was £55 invoiced yearly. The lease concluded on 22 February 2081. Given that there were 55 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 not including legals.