Main reasons to commence your Slough lease extension

Top reasons for lease extension now:

Increase your lease and increase your Slough property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Slough can extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Slough lease extension. Postponing the costs now simply escalates the price you will eventually be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders may not lend with a short lease

The trend since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Get in touch with one of our Slough lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Slough lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Slough Lease Extension Example Cases:

Amy, Slough, Berkshire,

Off the back of unsuccessful negotiations with the landlord of her garden flat in Slough, Amy started the lease extension process just as the lease was coming close to the crucial 80-year threshold. The lease extension completed in June 2011. The freeholder’s charges were negotiated to a tad over 600 pounds.

Slough case:

In 2011 we were approached by Mr N Johnson who, having completed a one bedroom flat in Slough in October 2008. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Identical residencies in Slough with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 billed monthly. The lease end date was in 2093. Having 67 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of legals.

Slough case:

Last Spring we were called by Mr and Mrs. H Williams , who bought a one bedroom apartment in Slough in July 1999. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Similar properties in Slough with 100 year plus lease were in the region of £201,200. The mid-range ground rent payable was £55 billed yearly. The lease elapsed in 2082. Having 56 years outstanding we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus costs.