Top reasons for Crowborough lease extension

Main reasons to start your Crowborough lease extension today:

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

Crowborough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Crowborough residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Crowborough you should investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Crowborough leaseholder with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties where you wish to sell your flat in Crowborough if the remaining term of your lease is under the criteria set by most mortgage companies. Different lenders have different requirements but on the whole they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Crowborough?

Retaining our service gives you enhanced control over the value of your Crowborough leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crowborough Lease Extension Case Summaries:

Freddie, Crowborough, East Sussex

Last year Freddie, started to get near to the 80-year mark with the lease on his one bedroom apartment in Crowborough. Having purchased his property 19 years previously, the length of the lease was of minimal relevance. As luck would have it, he recognised he needed to take action soon on a lease extension. Freddie arranged for a lease extension just under the wire last January. Freddie and the freeholder via the managing agents subsequently settled on sum of £5,000 . If he had missed the deadline, the price would have increased by a minimum £1,050.

Crowborough case:

In 2009 we were approached by Mr and Mrs. L Mercier who, having bought a studio flat in Crowborough in February 2005. We are asked if we could approximate the price would likely be for a 90 year lease extension. Similar homes in Crowborough with an extended lease were in the region of £290,000. The average amount of ground rent was £60 invoiced monthly. The lease termination date was on 21 January 2106. Considering the 80 years left we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including fees.

Crowborough case:

Dr Olivia Parker completed a basement apartment in Crowborough in August 1998. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Similar homes in Crowborough with 100 year plus lease were worth £200,800. The mid-range ground rent payable was £65 collected per annum. The lease ended in 2086. Taking into account 60 years left we approximated the premium to the landlord for the lease extension to be within £20,900 and £24,200 plus fees.