Why you should start your Thornton Heath lease extension

Main reasons to start your Thornton Heath lease extension today:

Increase your lease and increase your Thornton Heath property value

With a long leasehold property in Thornton Heath, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than eighty years remaining. Anyone in Thornton Heath with a lease nearing 81 years unexpired should seriously think of extending it without delay. When a lease has under eighty years remaining, under the current legislation the landlord is entitled to calculate and levy a greater amount, based on a technical computation, strangely termed as “marriage value” which is due.

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

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. Given that plenty of flats in Thornton Heath were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Thornton Heath?

Lease extensions in Thornton Heath can be a difficult process. We recommend you procure guidance from a lawyer 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 Thornton Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thornton Heath Lease Extension Case Summaries:

Danielle, Thornton Heath, Surrey,

Off the back of lengthy negotiations with the freeholder of her two bedroom flat in Thornton Heath, Danielle started the lease extension process just as her lease was approaching the all-important 80-year deadline. The transaction was concluded in October 2010. The freeholder’s costs were restricted to a tad over 450 pounds.

Thornton Heath case:

Ms L Lee completed a one bedroom flat in Thornton Heath in February 2004. We are asked if we could estimate the price would be to prolong the lease by ninety years. Comparative properties in Thornton Heath with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £65 collected per annum. The lease elapsed in 2094. Considering the 68 years unexpired we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.