Top reasons for Crowborough lease extension

Main reasons to commence your Crowborough lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Crowborough. Inevitably, the period of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the flat or house needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Crowborough have the right to extend the lease for a further ninety years under legislation. Please give careful attention before delaying your Crowborough lease extension. Putting off the cost now simply increases the price you will eventually incur for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold properties in Crowborough with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to loan monies with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be insufficient for lending purposes.

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

Retaining our service will provide you enhanced control over the value of your Crowborough leasehold, as your property will be more valuable and marketable in relation to the 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.

Crowborough Lease Extension Example Cases:

Ryan, Crowborough, East Sussex

Last Summer Ryan, started to get close to the eighty-year mark with the lease on his ground floor apartment in Crowborough. Having purchased his property two decades ago, the unexpired term was of little concern. Thankfully, he noticed he needed to take steps soon on a lease extension. Ryan arranged for a lease extension just under the wire in April. Ryan and the freeholder via the management company in the end agreed on a premium of £5,000 . If he failed to meet the deadline, the price would have gone up by at least £1,000.

Crowborough case:

Last month we were approach by Mr and Mrs. A Martínez , who was assigned a lease of a basement apartment in Crowborough in May 2007. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable premises in Crowborough with 100 year plus lease were valued about £232,800. The average amount of ground rent was £45 billed annually. The lease ended in 2091. Given that there were 65 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.

Crowborough case:

Dr Amy Thomas was assigned a lease of a recently refurbished flat in Crowborough in February 2001. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar properties in Crowborough with a long lease were valued around £275,000. The average ground rent payable was £55 invoiced every twelve months. The lease terminated in 2102. Having 76 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.