Why you should start your Mitcham Junction lease extension

Top reasons for lease extension now:

Increase your lease and increase your Mitcham Junction property value

Mitcham Junction 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 the lease gets more expensive. The majority of owners of residential leasehold property in Mitcham Junction enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Mitcham Junction you would be well advised to check if your lease has between 70 and ninety years remaining. There are good reasons why a Mitcham Junction flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

Mitcham Junction property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage 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 become concerned at around 75 years. This may cause difficulties once you wish to sell or remortgage your flat as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your buyer must hold off for 2 years before they can exercise the right to a a lease extension.

What makes us experts in Mitcham Junction lease extensions?

The conveyancers that we work with handle Mitcham Junction lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Mitcham Junction Lease Extension Example Cases:

Alicia, Mitcham Junction, South London,

Trailing lengthy discussions with the landlord of her studio apartment in Mitcham Junction, Alicia commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The lease extension was finalised in October 2011. The freeholder’s costs were restricted to a tad over five hundred pounds.

Mitcham Junction case:

Last Christmas we were e-mailed by Mrs O Brooks , who took over the lease of a one bedroom apartment in Mitcham Junction in October 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative properties in Mitcham Junction with a long lease were valued about £260,200. The mid-range ground rent payable was £65 collected every twelve months. The lease concluded in 2091. Given that there were 66 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 not including expenses.