Top reasons for Crowborough lease extension

Why you should start your Crowborough lease extension today:

Increase your lease and increase your Crowborough property value

The value of Crowborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Crowborough with more than 100 years unexpired 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 situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may not finance a property with a short lease

Banks and building societies are really restricting their approach as regards to properties in Crowborough with short leases. For example you might discover 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 try your luck at auction thus narrowing your market.

Why use us for your lease extension in Crowborough?

The lawyers that we work with undertake Crowborough lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Crowborough Lease Extension Case Studies:

Nicole, Crowborough, East Sussex,

Subsequent to protracted correspondence with the landlord of her leasehold apartment in Crowborough, Nicole initiated the lease extension process as the 80 year deadline was swiftly coming. The transaction was finalised in June 2005. The landlord’s fees were negotiated to below six hundred pounds.

Crowborough case:

Mr Luke Morel bought a purpose-built apartment in Crowborough in February 2007. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Similar residencies in Crowborough with an extended lease were in the region of £265,000. The mid-range amount of ground rent was £50 collected quarterly. The lease concluded in 2100. Given that there were 74 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.

Crowborough case:

Last Summer we were contacted by Ms Bethany Bennett , who completed a one bedroom flat in Crowborough in January 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Identical flats in Crowborough with a long lease were valued around £264,000. The average ground rent payable was £60 collected monthly. The lease end date was on 26 September 2079. Having 53 years remaining we estimated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of legals.