Why you should start your Addlestone lease extension

Top reasons for lease extension now:

A Addlestone lease depreciates with the years remaining on the lease.

Unfortunately that a Addlestone residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Addlestone property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher amount will be payable. Most leasehold owners in Addlestone will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred 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 property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not issue a mortgage on a short lease

Many mortgage lenders require a lengthy amount of time left on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is probable that someone wanting to buy your property in the future might well do, so where they are not able to secure a mortgage, then the financial worth of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to lend on

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

Lease extensions in Addlestone can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.

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 Addlestone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Addlestone Lease Extension Example Cases:

Gabriel, Addlestone, Surrey

In 2014 Gabriel, started to get close to the eighty-year threshold with the lease on his ground floor flat in Addlestone. In buying his property two decades ago, the lease term was of no bearing. As luck would have it, he noticed he needed to take action soon on Extending the lease. Gabriel extended the lease at the eleventh hour last January. Gabriel and the landlord eventually agreed on the final figure of £5,500 . If the lease had dropped below 80 years, the figure would have become more costly by a minimum £1,000.

Addlestone case:

Last Christmas we were e-mailed by Mr and Mrs. E Pérez , who purchased a ground floor apartment in Addlestone in March 2006. The dilemma was if we could estimate the price would be for a ninety year lease extension. Comparative homes in Addlestone with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease elapsed in 2093. Considering the 67 years as a residual term we approximated the premium to the landlord for the lease extension to be within £14,300 and £16,400 plus fees.