Why you should start your Worcester Park lease extension

Why you should start your Worcester Park lease extension today:

Increase your lease and increase your Worcester Park property value

On the balance of probabilities where you own a flat in Worcester Park you actually own a long leasehold interest over your property

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

Leasehold properties in Worcester Park with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

Lenders will not lend on short residential leases. You are likely to experience difficulties if you want to sell your flat in Worcester Park if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Worcester Park?

Engaging our service gives you increased control over the value of your Worcester Park leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Worcester Park Lease Extension Case Studies:

Leo, Worcester Park, Surrey

Last October Leo, started to get near to the 80-year threshold with the lease on his garden flat in Worcester Park. In buying his flat twenty years previously, the length of the lease was of minimal relevance. Fortunately, he became aware that he needed to take action soon on a lease extension. Leo extended the lease at the eleventh hour last March. Leo and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If he not met the deadline, the sum would have become more exhorbitant by at least £975.

Worcester Park case:

In 2012 we were called by Mrs V Mason who, having bought a purpose-built flat in Worcester Park in July 2004. The question was if we could approximate the premium would be for a 90 year lease extension. Similar flats in Worcester Park with 100 year plus lease were worth £267,600. The average amount of ground rent was £65 collected per annum. The lease expired on 9 January 2093. Having 67 years outstanding we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 plus fees.