For anyone whose Slough home is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Slough can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Slough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Jude, came critically near to the eighty-year mark with the lease on his purpose- built apartment in Slough. Having purchased his home two decades ago, the unexpired term was of no relevance. Luckily, he realised he would imminently be paying an inflated amount for Extending the lease. Jude extended the lease at the eleventh hour in January. Jude and the landlord eventually agreed on an amount of £5,000 . If the lease had fallen to less than 80 years, the amount would have gone up by at least £1,000.
In 2009 we were phoned by Dr F Hill who, having took over the lease of a one bedroom apartment in Slough in July 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Identical residencies in Slough with an extended lease were valued around £205,000. The mid-range amount of ground rent was £50 billed quarterly. The lease finished in 2105. Taking into account 79 years remaining we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.
Mrs P Walker was assigned a lease of a one bedroom apartment in Slough in November 1997. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Identical homes in Slough with a long lease were valued around £275,000. The mid-range amount of ground rent was £65 billed yearly. The lease concluded on 27 May 2094. Having 68 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.