Top reasons for Tolworth lease extension

Top reasons for lease extension now:

A Tolworth leasehold property depreciates with the years remaining on the lease.

It’s an underpublicised truth that a Tolworth residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Tolworth property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be due. The majority of flat owners in Tolworth will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancer throughout the formalities.

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

Leasehold properties in Tolworth with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may decide not to loan monies on a short lease

Why use us for your lease extension in Tolworth?

Retaining our service will provide you better control over the value of your Tolworth leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Tolworth Lease Extension Case Summaries:

Rhiannon, Tolworth, South West London,

Trailing protracted correspondence with the landlord of her one bedroom flat in Tolworth, Rhiannon initiated the lease extension process as the eighty year threshold was fast advancing. The transaction was concluded in February 2010. The freeholder’s charges were kept to an absolute minimum.

Tolworth case:

Last Autumn we were e-mailed by Mr Arthur Morris , who acquired a garden flat in Tolworth in October 2010. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparable residencies in Tolworth with an extended lease were valued around £181,600. The average amount of ground rent was £55 invoiced every twelve months. The lease ran out in 2078. Taking into account 52 years unexpired we approximated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus expenses.