Main reasons to commence your Shepperton lease extension

Main reasons to commence your Shepperton lease extension today:

Increase your lease and increase your Shepperton property value

Shepperton leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the existing lease drops lower than eighty years - otherwise a higher premium will be due. Flat owners in Shepperton will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

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

Leasehold residencies in Shepperton with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may not issue a mortgage with a short lease

Lending institutions have set criteria when lending funds secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Shepperton property.

What makes us experts in Shepperton lease extensions?

Lease extensions in Shepperton can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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

Shepperton Lease Extension Example Cases:

Owen, Shepperton, Surrey,

Owen was the the leasehold proprietor of a studio flat in Shepperton being sold with a lease of fraction over 72 years left. Owen informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Owen to exercise his statutory right. Owen procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Shepperton case:

In 2013 we were phoned by Mr and Mrs. I Murphy who, having purchased a ground floor flat in Shepperton in August 1996. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Similar flats in Shepperton with 100 year plus lease were valued about £176,200. The mid-range ground rent payable was £65 collected monthly. The lease terminated in 2082. Taking into account 56 years left we estimated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 not including expenses.