Crowthorne Lease Extension - Free Consultation

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Top reasons for Crowthorne lease extension


Main reasons to start your Crowthorne lease extension today:

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

The nearer a residential lease in Crowthorne nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Most flat owners in Crowthorne will qualify for this right; nevertheless a lawyer will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Crowthorne property with a lease extension is almost the same value as a freehold

Leasehold premises in Crowthorne with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not loan monies with a short lease

Most mortgage lenders will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will likely encounter difficulties to obtain a mortgage and this will result in your Crowthorne property being difficult to sell or to obtain finance on.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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

What makes us experts in Crowthorne lease extensions?

Lease extensions in Crowthorne can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor 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 Crowthorne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Crowthorne Lease Extension Example Cases:

Jayden, Crowthorne, Berkshire,

Jayden owned a studio flat in Crowthorne on the market with a lease of a few days over 72 years outstanding. Jayden informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jayden to invoke his statutory right. Jayden obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Crowthorne case:

Last Christmas we were e-mailed by Mr and Mrs. H Leroy , who purchased a purpose-built flat in Crowthorne in August 1995. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparable properties in Crowthorne with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 billed monthly. The lease finished in 2100. Taking into account 76 years remaining we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.

Crowthorne case:

In 2009 we were phoned by Mr Jayden Young who, having acquired a studio apartment in Crowthorne in January 2006. The dilemma was if we could approximate the price could be to extend the lease by a further 90 years. Identical flats in Crowthorne with a long lease were in the region of £173,800. The mid-range amount of ground rent was £65 collected quarterly. The lease end date was on 3 May 2079. Taking into account 55 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus fees.