When it comes to residential leasehold premises in Crowthorne, you are actually purchasing a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than eighty years left. Anyone in Crowthorne with a lease nearing 81 years left should seriously think of extending it sooner as opposed to later. Once the lease term has below 80 years outstanding, under the relevant legislation the landlord can calculate and charge a greater amount, based on a technical computation, known as “marriage value” which is payable.
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin |
Using our service will provide you better control over the value of your Crowthorne leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of lengthy correspondence with the freeholder of her leasehold flat in Crowthorne, Sian commenced the lease extension process just as her lease was nearing the crucial 80-year deadline. The legal work was concluded in February 2008. The freeholder’s fees were kept to an absolute minimum.
Mrs Shannon Rogers completed a studio flat in Crowthorne in June 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar premises in Crowthorne with 100 year plus lease were worth £200,800. The average ground rent payable was £65 collected per annum. The lease finished on 4 November 2086. Considering the 60 years unexpired we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus legals.
In 2010 we were e-mailed by Dr J Howard who, having bought a one bedroom flat in Crowthorne in July 2004. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparative premises in Crowthorne with an extended lease were valued about £255,000. The average ground rent payable was £50 invoiced quarterly. The lease lapsed on 18 November 2097. Having 71 years left we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.