Top reasons for Upper Tooting lease extension

Main reasons to start your Upper Tooting lease extension today:

A Upper Tooting lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Upper Tooting. Clearly, the term of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the residence has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Upper Tooting have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Do give careful deliberation before putting off your Upper Tooting lease extension. Holding off that expense now simply increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold residencies in Upper Tooting with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may decide not to grant a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Upper Tooting with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus narrowing the amount of potential buyers.

Why use us for your lease extension in Upper Tooting?

Engaging our service will provide you better control over the value of your Upper Tooting leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Upper Tooting Lease Extension Case Studies:

Freya, Upper Tooting, South West London,

Trailing protracted discussions with the freeholder of her ground floor apartment in Upper Tooting, Freya initiated the lease extension process just as her lease was coming close to the critical 80-year threshold. The legal work was concluded in June 2009. The freeholder’s charges were restricted to a tad over 500 pounds.

Upper Tooting case:

Mr and Mrs. K Moore acquired a first floor flat in Upper Tooting in September 2004. We are asked if we could approximate the price would be to extend the lease by 90 years. Similar properties in Upper Tooting with an extended lease were worth £265,000. The average ground rent payable was £50 invoiced monthly. The lease came to a finish on 20 June 2099. Taking into account 73 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.

Upper Tooting case:

Mr and Mrs. V Rose bought a one bedroom apartment in Upper Tooting in September 1999. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar homes in Upper Tooting with an extended lease were valued about £264,000. The mid-range amount of ground rent was £60 collected every twelve months. The lease lapsed in 2079. Having 53 years left we calculated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 plus professional charges.