Main reasons to start your West Ewell lease extension

Main reasons to start your West Ewell lease extension today:

A West Ewell 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. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in West Ewell. Inevitably, the length of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the flat or house needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in West Ewell have the right to extend the lease for an additional 90 years in accordance with statute. Please give due attention before putting off your West Ewell lease extension. Putting off the cost now likely increases the price you will eventually have to pay to extend your lease

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

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most mortgage companies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone intending to acquire your property in the future might well do, so where they can't get a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in West Ewell?

Regardless of whether you are a tenant or a freeholder in West Ewell,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with West Ewell valuers.

West Ewell Lease Extension Example Cases:

Kyle, West Ewell, Surrey,

Kyle owned a high value apartment in West Ewell on the market with a lease of fraction over 59 years unexpired. Kyle informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Kyle to invoke his statutory right. Kyle obtained expert legal guidance and secured an acceptable deal without going to tribunal and sell the flat.

West Ewell case:

Last September we were contacted by Mr and Mrs. G Ward , who was assigned a lease of a garden apartment in West Ewell in August 2004. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in West Ewell with a long lease were valued around £225,400. The average amount of ground rent was £45 collected per annum. The lease ran out on 1 April 2090. Taking into account 64 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of legals.

West Ewell case:

Last Spring we were e-mailed by Dr Francesca Moore , who was assigned a lease of a one bedroom apartment in West Ewell in October 2004. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparative premises in West Ewell with a long lease were in the region of £270,000. The average ground rent payable was £55 billed monthly. The lease termination date was in 2101. Having 75 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.