Main reasons to commence your Thames Ditton lease extension

Top reasons for lease extension now:

A Thames Ditton lease depreciates with the years remaining on the lease.

Thames Ditton 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 becomes more expensive. The majority of owners of residential leasehold property in Thames Ditton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Thames Ditton you should check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Thames Ditton flat owner with a lease having around eighty years left should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Thames Ditton with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Lenders may not finance a property with a short lease

Nearly all banks and building societies will not lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this will result in your Thames Ditton property becoming difficult to dispose of or to obtain finance on.

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

Using our service will provide you increased control over the value of your Thames Ditton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Thames Ditton Lease Extension Case Studies:

Arthur, Thames Ditton, Surrey

Last October Arthur, started to get near to the eighty-year threshold with the lease on his first floor apartment in Thames Ditton. Having bought his flat two decades ago, the lease term was of no concern. Luckily, he noticed he needed to take steps soon on Extending the lease. Arthur arranged for a lease extension at the eleventh hour in April. Arthur and the landlord in the end agreed on the final figure of £5,500 . If he not met the deadline, the premium would have gone up by a minimum £1,050.

Thames Ditton case:

Mr Kyle Rogers purchased a basement apartment in Thames Ditton in February 2012. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparable residencies in Thames Ditton with a long lease were valued around £265,000. The average amount of ground rent was £50 billed quarterly. The lease came to a finish in 2099. Taking into account 74 years remaining we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.