Stop! Your Lease Extension in Tolworth Could Be FREE

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Many leaseholders in Tolworth are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Tolworth has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Tolworth lease extension

Main reasons to start your Tolworth lease extension today:

Increase your lease and increase your Tolworth property value

For anyone whose Tolworth property is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

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

Lenders may not issue a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Tolworth with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

Lender Requirement
Chelsea 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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Tolworth lease extensions?

Lease extensions in Tolworth can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with Tolworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tolworth Lease Extension Example Cases:

Olivia, Tolworth, South West London,

Following lengthy negotiations with the freeholder of her garden flat in Tolworth, Olivia initiated the lease extension process as the eighty year threshold was swiftly nearing. The legal work completed in April 2011. The landlord’s costs were negotiated to approximately 550 pounds.

Tolworth case:

Ms F Leroy owned a studio apartment in Tolworth in May 2004. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable premises in Tolworth with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 billed monthly. The lease came to a finish on 1 May 2102. Considering the 76 years outstanding we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Decision in Kingston upon Thames

An example of a Lease Extension case for a Tolworth premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.