Why you should commence your Caversham Heights lease extension

Why you should start your Caversham Heights lease extension today:

A Caversham Heights lease depreciates with the years remaining on the lease.

Caversham Heights residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Caversham Heights with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not lend with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will no doubt find it difficult to obtain a mortgage and this could result in your Caversham Heights property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Caversham Heights?

Regardless of whether you are a tenant or a freeholder in Caversham Heights,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 Caversham Heights valuers.

Caversham Heights Lease Extension Example Cases:

Elijah, Caversham Heights, Berkshire

In recent months Elijah, came critically close to the eighty-year threshold with the lease on his studio apartment in Caversham Heights. In buying his home two decades ago, the unexpired term was of no relevance. As luck would have it, he became aware that he would soon be paying an escalated premium for a lease extension. Elijah extended the lease at the eleventh hour last March. Elijah and the freeholder in the end settled on sum of £6,000 . If the lease had dipped lower than eighty years, the figure would have increased by a minimum £1,150.

Caversham Heights case:

Last Winter we were phoned by Dr Lauren Moreau , who owned a garden flat in Caversham Heights in March 1995. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparable homes in Caversham Heights with an extended lease were valued around £260,000. The mid-range ground rent payable was £50 billed annually. The lease ran out in 2099. Having 73 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.

Caversham Heights case:

In 2011 we were approached by Mr and Mrs. W André who, having was assigned a lease of a one bedroom flat in Caversham Heights in March 1996. We are asked if we could estimate the price would be for a 90 year lease extension. Similar flats in Caversham Heights with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 invoiced monthly. The lease elapsed on 17 November 2079. Given that there were 53 years unexpired we estimated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 not including legals.