Why you should commence your Meopham lease extension

Top reasons for lease extension now:

A Meopham lease 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 normally be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Meopham. Inevitably, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Meopham have the legal entitlement to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give due deliberation before putting off your Meopham lease extension. Putting off the cost now only increases the price you will eventually incur to extend your lease

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to properties in Meopham with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing your market.

What makes us experts in Meopham lease extensions?

Regardless of whether you are a tenant or a landlord in Meopham,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 Meopham valuers.

Meopham Lease Extension Case Summaries:

Dexter, Meopham, Kent,

Dexter was the the leasehold proprietor of a 2 bedroom flat in Meopham being marketed with a lease of fraction over 72 years remaining. Dexter on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Dexter to exercise his statutory right. Dexter obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Meopham case:

In 2013 we were approached by Mr and Mrs. Y Taylor who, having acquired a studio apartment in Meopham in August 2009. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparative properties in Meopham with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 invoiced monthly. The lease lapsed in 2104. Taking into account 78 years remaining we calculated the compensation to the freeholder to extend the lease to be within £7,600 and £8,800 exclusive of costs.

Meopham case:

In 2009 we were e-mailed by Dr Nathan Collins who, having acquired a newly refurbished flat in Meopham in May 1995. We are asked if we could approximate the price would be for a 90 year lease extension. Similar flats in Meopham with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 invoiced quarterly. The lease terminated in 2093. Taking into account 67 years remaining we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 not including professional charges.