It’s a harsh certainty that a Slough residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Slough property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining falls under eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Slough will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.
Leasehold premises in Slough with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Skipton Building Society | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Slough,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Slough valuers.
Jacob owned a studio apartment in Slough on the market with a lease of fraction over sixty years remaining. Jacob informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jacob to invoke his statutory right. Jacob procured expert advice and was able to make an informed decision and handle with the matter and sell the flat.
Dr Mason Morris moved into a purpose-built apartment in Slough in November 2005. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparative premises in Slough with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £45 invoiced annually. The lease finished on 12 January 2097. Considering the 71 years as a residual term we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.
Last Summer we were e-mailed by Mr and Mrs. E Fournier , who completed a one bedroom apartment in Slough in February 2005. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Slough with an extended lease were in the region of £225,800. The mid-range ground rent payable was £60 billed yearly. The lease ended on 18 June 2086. Taking into account 60 years unexpired we estimated the premium to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of legals.