Main reasons to start your Worcester Park lease extension

Main reasons to start your Worcester Park lease extension today:

A Worcester Park lease depreciates with the years remaining on the lease.

Worcester Park leases on residential properties are gradually losing value. Where your lease has about ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Worcester Park will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain situations you may not qualify. There are prescribed timetables and formalities to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Worcester Park with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not grant a mortgage on a short lease

Almost all mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wishing to buy your property in the future might well do, so if they are unable to secure a mortgage, then the market price of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

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

Lease extensions in Worcester Park can be a difficult process. We recommend you procure guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Worcester Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Worcester Park Lease Extension Case Studies:

George, Worcester Park, Surrey,

George owned a studio flat in Worcester Park being marketed with a lease of a little over fifty eight years left. George informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to give 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 increase every 25 years thereafter. No ground rent would be payable on a lease extension were George to exercise his statutory right. George procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Worcester Park case:

In 2009 we were called by Mr and Mrs. W Ward who, having completed a purpose-built flat in Worcester Park in October 1998. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Worcester Park with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 collected yearly. The lease expired in 2101. Considering the 75 years unexpired we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.