Top reasons for Thames Ditton lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Thames Ditton. Clearly, the term of lease left shortens over time. This is often ignored and only becomes a problem when the property needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Thames Ditton have the right to extend the lease for a further 90 years under Leasehold Reform legislation. You should give due deliberation before putting off your Thames Ditton lease extension. Putting off the cost now only increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, 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

Lenders are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. As many flats in Thames Ditton were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.

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

The conveyancers that we work with procure Thames Ditton 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 conveyancer we work with provide it.

Thames Ditton Lease Extension Example Cases:

Katherine, Thames Ditton, Surrey,

Off the back of lengthy negotiations with the freeholder of her basement flat in Thames Ditton, Katherine commenced the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction was finalised in July 2010. The freeholder’s costs were negotiated to under six hundred GBP.

Thames Ditton case:

Last Summer we were approach by Mr and Mrs. Y Petit , who completed a ground floor flat in Thames Ditton in February 1996. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparative residencies in Thames Ditton with a long lease were worth £218,000. The average amount of ground rent was £45 invoiced every twelve months. The lease termination date was in 2089. Given that there were 63 years remaining we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of costs.