Top reasons for Crowborough lease extension

Top reasons for lease extension now:

A Crowborough leasehold property 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 accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Crowborough enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Crowborough you should check if your lease has between seventy and 90 years left. There are good reasons why a Crowborough flat owner with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay

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

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage on a short lease

Lenders do not like short residential leases. You most probably encounter problems if you need to sell your flat in Crowborough if the remaining term of your lease is under the criteria set by most banks and building societies. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Crowborough lease extensions?

Engaging our service will provide you increased control over the value of your Crowborough leasehold, as your property will be more valuable and marketable in respect of lease length should you want 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 Case Studies:

Amber, Crowborough, East Sussex,

Following unsuccessful discussions with the landlord of her leasehold flat in Crowborough, Amber started the lease extension process as the 80 year threshold was quickly advancing. The lease extension completed in August 2013. The landlord’s costs were kept to an absolute minimum.

Crowborough case:

Last Summer we were approach by Dr D Johnson , who purchased a ground floor flat in Crowborough in August 2010. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Identical flats in Crowborough with 100 year plus lease were valued around £250,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease ended in 2095. Given that there were 69 years left we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.

Crowborough case:

Last Winter we were e-mailed by Ms K Baker , who purchased a recently refurbished apartment in Crowborough in October 2006. We are asked if we could approximate the premium could be to extend the lease by an additional years. Similar premises in Crowborough with a long lease were valued about £290,000. The mid-range ground rent payable was £60 collected per annum. The lease ended in 2106. Given that there were 80 years unexpired we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including professional charges.