Why you should commence your Thornton Heath lease extension

Why you should commence your Thornton Heath lease extension today:

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

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

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property on a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties where you want to sell your flat in Thornton Heath if the remaining term of your lease is below the criteria set by the majority of lenders. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

Get in touch with one of our Thornton Heath lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Thornton Heath,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Thornton Heath valuers.

Thornton Heath Lease Extension Example Cases:

Logan, Thornton Heath, Surrey

In recent months Logan, started to get near to the 80-year threshold with the lease on his ground floor flat in Thornton Heath. Having purchased his property twenty years ago, the lease term was of no significance. Luckily, he recognised he would imminently be paying an inflated amount for a lease extension. Logan extended the lease just in the nick of time in August. Logan and the freeholder via the management company subsequently settled on the final figure of £5,000 . If the lease had descended to less than eighty years, the figure would have increased by at least £1,125.

Thornton Heath case:

Mr and Mrs. O Jackson took over the lease of a first floor flat in Thornton Heath in November 2006. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar premises in Thornton Heath with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 invoiced monthly. The lease terminated in 2102. Given that there were 76 years left we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.