Top reasons for Addlestone lease extension

Why you should commence your Addlestone lease extension today:

Increase your lease and increase your Addlestone property value

The closer a residential lease in Addlestone gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, beyond 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Many flat owners in Addlestone will qualify for this right; nevertheless a conveyancer can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Addlestone property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as deficient for lending purposes.

What makes us experts in Addlestone lease extensions?

Lease extensions in Addlestone can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 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 Case Studies:

Harrison, Addlestone, Surrey

Last October Harrison, came critically close to the 80-year mark with the lease on his purpose- built apartment in Addlestone. In buying his property two decades ago, the unexpired term was of no relevance. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Harrison was able to extend his lease at the eleventh hour last January. Harrison and the landlord ultimately settled on a premium of £5,000 . If he not met the deadline, the sum would have gone up by at least £975.

Addlestone case:

Mr and Mrs. G Leroy was assigned a lease of a one bedroom flat in Addlestone in January 1995. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Identical properties in Addlestone with 100 year plus lease were valued about £205,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended in 2105. Having 79 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.