Main reasons to commence your Binfield lease extension

Why you should start your Binfield lease extension today:

Increase your lease and increase your Binfield property value

On the balance of probabilities if you own a flat in Binfield you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Binfield with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

What makes us experts in Binfield lease extensions?

The lawyers that we work with handle Binfield 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.

Binfield Lease Extension Example Cases:

Aarav, Binfield, Berkshire,

Aarav owned a high value apartment in Binfield being marketed with a lease of fraction over 72 years remaining. Aarav informally contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Binfield case:

Last Spring we were approach by Dr R Reed , who took over the lease of a one bedroom apartment in Binfield in June 2009. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Identical residencies in Binfield with 100 year plus lease were valued about £290,000. The mid-range ground rent payable was £45 collected annually. The lease expired in 2099. Taking into account 73 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Binfield case:

Mrs C Alexander took over the lease of a studio flat in Binfield in January 1998. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Identical homes in Binfield with an extended lease were valued around £240,600. The average ground rent payable was £60 billed every twelve months. The lease concluded on 26 March 2088. Considering the 62 years outstanding we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.