The closer a domestic lease in Carshalton nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, over 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner than later. Many flat owners in Carshalton will meet the qualifying criteria; nevertheless a lawyer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Carshalton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 a wealth of experience dealing with Carshalton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the freeholder of her first floor apartment in Carshalton, Kelsey commenced the lease extension process as the 80 year deadline was swiftly approaching. The legal work was finalised in February 2012. The freeholder’s charges were restricted to under 650 GBP.
Mr Lucas David took over the lease of a first floor flat in Carshalton in July 2006. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical properties in Carshalton with an extended lease were in the region of £208,600. The average ground rent payable was £60 billed every twelve months. The lease came to a finish in 2082. Taking into account 57 years outstanding we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 plus costs.
An example of a Freehold Enfranchisement decision for a Carshalton premises is 21 & 23 Carshalton Grove in May 2009. the Tribunal adopted the figures presented as the premiums payable by the Applicant i.e. a total of £20,750. This case related to 2 flats. The unexpired lease term was 72 years.