Why you should commence your Woldingham lease extension

Top reasons for lease extension now:

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

The nearer a domestic lease in Woldingham nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Woldingham will qualify for this right; however a conveyancing solicitor can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the value of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Woldingham lease extensions?

The conveyancing solicitors that we work with handle Woldingham 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.

Woldingham Lease Extension Example Cases:

Aarav, Woldingham, Surrey,

Aarav owned a conversion flat in Woldingham on the market with a lease of just over 72 years unexpired. Aarav on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aarav to invoke his statutory right. Aarav procured expert legal guidance and secured an acceptable resolution informally and sell the flat.

Woldingham case:

Mr Luke Collins took over the lease of a ground floor apartment in Woldingham in October 2004. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical properties in Woldingham with an extended lease were worth £210,000. The average ground rent payable was £50 collected per annum. The lease ended in 2106. Given that there were 80 years left we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.