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Why you should commence your Slough lease extension


Main reasons to commence your Slough lease extension today:

A Slough leasehold property depreciates with the years remaining on the lease.

Slough leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Slough enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Slough you would be well advised to investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Slough flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to loan monies with a short lease

Mortgage companies are really restricting their approach as regards to properties in Slough with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the amount of prospective buyers.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Chelsea Building Society 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.
National Westminster Bank Mortgage term plus 30 years.
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 Slough lease extensions?

Irrespective of whether you are a tenant or a freeholder 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.

Slough Lease Extension Case Studies:

Ali, Slough, Berkshire,

Ali owned a high value flat in Slough on the market with a lease of just over 72 years remaining. Ali on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Ali to exercise his statutory right. Ali procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

Slough case:

Last Summer we were called by Mr and Mrs. W Roux , who acquired a first floor apartment in Slough in July 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Identical flats in Slough with an extended lease were valued about £198,800. The mid-range amount of ground rent was £55 invoiced monthly. The lease ran out in 2079. Given that there were 55 years remaining we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including fees.

Slough case:

Dr Elijah Petit bought a newly refurbished flat in Slough in January 2002. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Identical properties in Slough with a long lease were valued around £300,000. The average amount of ground rent was £50 invoiced quarterly. The lease termination date was on 25 September 2099. Given that there were 75 years remaining we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.