Main reasons to commence your Slough lease extension

Main reasons to start your Slough lease extension today:

Increase your lease and increase your Slough property value

Slough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Slough enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Slough you should check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

Slough property with a lease extension is almost the same value as a freehold

Leasehold residencies in Slough with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions will not finance a property with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as insufficient security.

Why use us for your lease extension in Slough?

Engaging our service will provide you better control over the value of your Slough leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Slough Lease Extension Example Cases:

Benjamin, Slough, Berkshire,

Benjamin owned a high value apartment in Slough on the market with a lease of a little over 61 years left. Benjamin on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

Slough case:

In 2013 we were e-mailed by Mrs W Gunderson who, having moved into a studio apartment in Slough in May 2007. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative residencies in Slough with an extended lease were worth £243,000. The average ground rent payable was £65 billed quarterly. The lease terminated in 2089. Considering the 63 years outstanding we estimated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 not including legals.

Slough case:

In 2012 we were phoned by Mr and Mrs. A Johnson who, having took over the lease of a one bedroom apartment in Slough in June 2012. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Identical residencies in Slough with 100 year plus lease were in the region of £181,600. The average ground rent payable was £55 invoiced per annum. The lease expired on 3 May 2078. Having 52 years unexpired we calculated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus expenses.