Main reasons to start your Tadworth lease extension

Top reasons for lease extension now:

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

The value of Tadworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not finance a property on a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold homes. Many will simply not lend at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Tadworth property.

Get in touch with one of our Tadworth lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Tadworth,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 Tadworth valuers.

Tadworth Lease Extension Case Studies:

Ashleigh, Tadworth, Surrey,

After unsuccessful discussions with the landlord of her ground floor apartment in Tadworth, Ashleigh started the lease extension process as the eighty year deadline was rapidly approaching. The transaction was finalised in July 2012. The landlord’s fees were negotiated to less than 450 pounds.

Tadworth case:

In 2012 we were e-mailed by Mr and Mrs. G Torres who, having moved into a one bedroom flat in Tadworth in March 2008. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative homes in Tadworth with an extended lease were in the region of £246,800. The mid-range ground rent payable was £60 collected every twelve months. The lease concluded in 2076. Given that there were 50 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £44,700 and £51,600 not including legals.