Why you should start your Warfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Warfield property value

Warfield leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Warfield enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Warfield you must see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in Warfield with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders will not issue a mortgage with a short lease

Banks and Building Societies have set criteria when loaning funds charged on leasehold property. Many will simply not lend at all once the remaining lease term goes under a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than 75 years suitable security. As well as this being important when selling, it is also relevant where you are wanting to refinance your Warfield home.

What makes us experts in Warfield lease extensions?

The conveyancers that we work with procure Warfield 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 lawyer we work with provide it.

Warfield Lease Extension Example Cases:

Emma, Warfield, Berkshire,

Off the back of protracted discussions with the freeholder of her purpose-built apartment in Warfield, Emma commenced the lease extension process as the 80 year mark was swiftly nearing. The lease extension was finalised in September 2008. The freeholder’s costs were negotiated to below 600 GBP.

Warfield case:

In 2010 we were called by Mrs Lily González who, having bought a one bedroom flat in Warfield in June 2000. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparable premises in Warfield with a long lease were in the region of £264,000. The mid-range ground rent payable was £60 collected quarterly. The lease expiry date was in 2079. Given that there were 53 years left we estimated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of fees.

Warfield case:

Last Spring we were called by Mrs N Stewart , who acquired a newly refurbished flat in Warfield in August 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Warfield with a long lease were valued about £225,400. The mid-range amount of ground rent was £45 billed per annum. The lease finished on 25 August 2090. Having 64 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £16,200 and £18,600 not including professional charges.