Main reasons to commence your Slough lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/slough">Slough</a> lease depreciates with the years remaining on the lease.
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<p> The nearer a domestic lease in Slough gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 99 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than eighty 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 reason why you should consider extending without delay. Many flat owners in Slough will qualify for this right; that being said a conveyancer will be able to advise whether you are eligible for a lease extension. 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.
<h4>Slough property with a lease extension is almost the same value as a freehold</h4>
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Leasehold premises in Slough with over 100 years left 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it. <h4>Banks and Building Societies will not grant a mortgage on a short lease</h4> Mortgage companies do not like short residential leases. You most probably experience problems where you wish to sell your flat in Slough if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have varying requirements but on the whole theyrequire a minimum remaining lease term of seventy years.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Chelsea Building Society</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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Why use us for your lease extension in Slough? </h4>
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Lease extensions in Slough can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.
<p>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.
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Slough Lease Extension Example Cases:
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<h5> Jade, Slough, Berkshire,</h5>
<p> After unsuccessful negotiations with the freeholder of her basement apartment in Slough, Jade initiated the lease extension process just as the lease was coming close to the crucial 80-year mark. The legal work was concluded in August 2006. The landlord’s costs were negotiated to under five hundred GBP.
<h5>Slough case:</h5>
<p> Mrs D Miller acquired a first floor flat in Slough in November 2004. The question was if we could estimate the price would be to extend the lease by a further 90 years. Comparative properties in Slough with a long lease were in the region of £166,800. The mid-range amount of ground rent was £50 collected yearly. The lease elapsed in 2076. Given that there were 50 years left we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including legals.
<h5>Slough case:</h5>
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In 2013 we were contacted by Mrs Isobel Alexander who, having purchased a one bedroom flat in Slough in February 2008. The question was if we could estimate the premium would be for a 90 year lease extension. Comparative homes in Slough with a long lease were valued about £280,000. The average ground rent payable was £45 collected yearly. The lease came to a finish on 4 February 2096. Taking into account 70 years left we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.
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