Why you should start your Whyteleafe lease extension

Why you should commence your Whyteleafe lease extension today:

A Whyteleafe lease depreciates with the years remaining on the lease.

Whyteleafe leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher premium will be payable. Flat owners in Whyteleafe will usually qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some situations you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.

Whyteleafe property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

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

The conveyancers that we work with handle Whyteleafe 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 conveyancing solicitor we work with provide it.

Whyteleafe Lease Extension Example Cases:

Callum, Whyteleafe, Surrey

Two years ago Callum, came very close to the eighty-year threshold with the lease on his ground floor apartment in Whyteleafe. In buying his property 19 years ago, the unexpired term was of little interest. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Callum arranged for a lease extension just under the wire in June. Callum and the freeholder subsequently agreed on an amount of £5,000 . If he failed to meet the deadline, the price would have gone up by at least £975.

Whyteleafe case:

Last Winter we were phoned by Dr Gabriel Allen , who owned a garden apartment in Whyteleafe in June 2008. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical homes in Whyteleafe with a long lease were in the region of £295,000. The mid-range ground rent payable was £45 collected monthly. The lease elapsed on 10 October 2100. Having 74 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.