Why you should commence your Camberley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Camberley property value

Camberley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Camberley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Camberley you should investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

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

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lenders will not issue a mortgage with a short lease

Nearly all mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Camberley property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Camberley?

Irrespective of whether you are a tenant or a freeholder in Camberley,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Camberley valuers.

Camberley Lease Extension Case Summaries:

Riley, Camberley, Surrey,

Riley was the the leasehold proprietor of a conversion flat in Camberley being marketed with a lease of a few days over 72 years remaining. Riley on an informal basis approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Riley to invoke his statutory right. Riley obtained expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.

Camberley case:

Dr Arthur Simon moved into a purpose-built flat in Camberley in June 2001. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Similar premises in Camberley with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed annually. The lease elapsed in 2104. Given that there were 78 years unexpired we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus professional charges.

Camberley case:

Last month we were contacted by Mr R Laurent , who took over the lease of a garden apartment in Camberley in July 2003. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Similar homes in Camberley with a long lease were valued around £186,000. The mid-range amount of ground rent was £65 collected every twelve months. The lease came to a finish on 16 June 2084. Given that there were 58 years outstanding we calculated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 not including legals.