Main reasons to commence your Ascot lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ascot property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Ascot. Clearly, the term of lease left shortens over time. This is often overlooked and only becomes a problem when the property needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Ascot have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Please give careful attention before delaying your Ascot lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension

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

Leasehold premises in Ascot with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Nearly all mortgage lenders will be unwilling to lend on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this will result in your Ascot property being difficult to dispose of or remortgage.

Why use us for your lease extension in Ascot?

Retaining our service gives you increased control over the value of your Ascot leasehold, as your property will be more valuable and marketable in relation to the 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.

Ascot Lease Extension Example Cases:

Harvey, Ascot, Berkshire,

Harvey owned a studio apartment in Ascot on the market with a lease of just over 72 years unexpired. Harvey informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Harvey to exercise his statutory right. Harvey obtained expert advice and secured satisfactory resolution without going to tribunal and sell the flat.

Ascot case:

In 2011 we were approached by Mr O Morgan who, having was assigned a lease of a studio apartment in Ascot in July 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparable residencies in Ascot with a long lease were worth £290,000. The mid-range ground rent payable was £45 billed annually. The lease finished on 18 September 2099. Having 73 years unexpired we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.

Ascot case:

Last Summer we were e-mailed by Ms Leah Turner , who owned a basement flat in Ascot in March 2000. The dilemma was if we could estimate the price would be to prolong the lease by 90 years. Similar flats in Ascot with a long lease were worth £240,600. The average amount of ground rent was £60 invoiced per annum. The lease lapsed in 2088. Given that there were 62 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 not including fees.