Main reasons to start your Calcot and Tilehurst lease extension

Main reasons to start your Calcot and Tilehurst lease extension today:

A Calcot and Tilehurst leasehold property depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Calcot and Tilehurst may extend the lease for a further ninety years in accordance with legislation. Please give careful consideration before delaying your Calcot and Tilehurst lease extension. Shelving the costs now simply escalates the premium you will ultimately have to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold premises in Calcot and Tilehurst with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to lend with a short lease

Mortgage companies are really clamping down as regards to homes in Calcot and Tilehurst with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. 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.

Why use us for your lease extension in Calcot and Tilehurst?

The conveyancers that we work with undertake Calcot and Tilehurst 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 conveyancer we work with provide it.

Calcot and Tilehurst Lease Extension Example Cases:

Zachary, Calcot and Tilehurst, Berkshire

Last Summer Zachary, came seriously close to the eighty-year threshold with the lease on his two bedroom flat in Calcot and Tilehurst. Having bought his home 19 years ago, the lease term was of minimal significance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Zachary arranged for a lease extension just in the nick of time in August. Zachary and the landlord ultimately agreed on the final figure of £5,000 . If he not met the deadline, the sum would have gone up by at least £900.

Calcot and Tilehurst case:

In 2014 we were contacted by Mr Jason Peterson who, having completed a first floor flat in Calcot and Tilehurst in March 2000. The question was if we could estimate the premium would be to prolong the lease by 90 years. Similar properties in Calcot and Tilehurst with an extended lease were worth £193,400. The mid-range amount of ground rent was £65 collected per annum. The lease terminated on 20 February 2085. Given that there were 59 years unexpired we approximated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including costs.

Calcot and Tilehurst case:

Last year we were phoned by Mr and Mrs. C Morel , who owned a studio flat in Calcot and Tilehurst in March 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Similar premises in Calcot and Tilehurst with a long lease were valued around £250,000. The mid-range amount of ground rent was £50 billed monthly. The lease lapsed on 17 October 2096. Taking into account 70 years left we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.