Top reasons for Calcot lease extension

Main reasons to start your Calcot lease extension today:

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

The value of Calcot leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than eighty years

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

Leasehold residencies in Calcot with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not grant a mortgage with a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Calcot property becoming difficult to sell or refinance.

What makes us experts in Calcot lease extensions?

The conveyancers that we work with procure Calcot 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 Lease Extension Case Studies:

William, Calcot, Berkshire

Last year William, came very near to the eighty-year threshold with the lease on his leasehold apartment in Calcot. In buying his property two decades ago, the length of the lease was of little interest. by good luck, it dawned on him that he would imminently be paying an inflated amount for a lease extension. William arranged for a lease extension just ahead of time last July. William and the landlord who owned the flat above in the end agreed on an amount of £5,000 . If the lease had gone lower than eighty years, the amount would have become more costly by at least £950.

Calcot case:

In 2009 we were contacted by Mrs Leah Rodríguez who, having purchased a studio apartment in Calcot in May 1996. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative flats in Calcot with a long lease were in the region of £252,800. The average amount of ground rent was £65 collected monthly. The lease ran out on 26 February 2091. Considering the 65 years outstanding we calculated the premium to the landlord to extend the lease to be within £17,100 and £19,800 plus legals.

Calcot case:

Mr and Mrs. O Patel owned a one bedroom flat in Calcot in June 2000. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Similar properties in Calcot with 100 year plus lease were in the region of £191,400. The average amount of ground rent was £55 invoiced annually. The lease end date was in 2080. Given that there were 54 years remaining we calculated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 plus legals.