As the length of the unexpired term of a Slough residential lease lessens so does its value and therefore the value of your property. If the residual term has, over 100 years to run then this decrease may be negligible that being said there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner as opposed to later. The majority of flat owners in Slough will meet the qualifying criteria; however a lawyer can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Lease extensions in Slough can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience dealing with Slough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the freeholder of her leasehold apartment in Slough, Danielle initiated the lease extension process as the 80 year deadline was rapidly nearing. The lease extension was concluded in August 2014. The landlord’s costs were kept to an absolute minimum.
Last Spring we were contacted by Ms B Sharif , who purchased a ground floor flat in Slough in August 2002. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Identical premises in Slough with an extended lease were in the region of £295,000. The average amount of ground rent was £50 collected annually. The lease ran out in 2101. Taking into account 75 years left we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.
Mr and Mrs. G Bailey moved into a basement flat in Slough in February 2010. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Similar residencies in Slough with an extended lease were valued about £250,400. The average ground rent payable was £65 collected yearly. The lease expired in 2090. Given that there were 64 years outstanding we approximated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 plus professional charges.