Why you should commence your Thornton Heath lease extension

Top reasons for lease extension now:

A Thornton Heath leasehold property depreciates with the years remaining on the lease.

Thornton Heath leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Thornton Heath enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Thornton Heath you would be well advised to investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not lend with a short lease

What makes us experts in Thornton Heath lease extensions?

Using our service will provide you enhanced control over the value of your Thornton Heath leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Thornton Heath Lease Extension Case Studies:

Gabriel, Thornton Heath, Surrey,

Gabriel was the the leasehold owner of a conversion flat in Thornton Heath on the market with a lease of a few days over 59 years remaining. Gabriel on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Gabriel to invoke his statutory right. Gabriel obtained expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Thornton Heath case:

Last Autumn we were e-mailed by Mrs Lauren Bennett , who took over the lease of a first floor flat in Thornton Heath in January 2010. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Comparative residencies in Thornton Heath with 100 year plus lease were worth £206,200. The average ground rent payable was £55 collected monthly. The lease came to a finish in 2082. Given that there were 56 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including expenses.