Why you should commence your Colnbrook lease extension

Top reasons for lease extension now:

Increase your lease and increase your Colnbrook property value

Colnbrook 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 Colnbrook enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Colnbrook you would be well advised to check if your lease has between 70 and 90 years remaining. There are good reasons why a Colnbrook flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Colnbrook with over one hundred years outstanding 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 situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not finance a property on a short lease

Nearly all mortgage lenders will not lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Colnbrook property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Colnbrook?

Engaging our service will provide you enhanced control over the value of your Colnbrook leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Colnbrook Lease Extension Example Cases:

Phoebe, Colnbrook, Berkshire,

Following protracted correspondence with the freeholder of her studio apartment in Colnbrook, Phoebe initiated the lease extension process as the eighty year threshold was rapidly coming. The legal work completed in August 2007. The landlord’s fees were kept to an absolute minimum.

Colnbrook case:

In 2012 we were phoned by Mr and Mrs. J Dupont who, having bought a studio flat in Colnbrook in March 2012. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Comparable residencies in Colnbrook with an extended lease were in the region of £242,600. The mid-range ground rent payable was £45 invoiced annually. The lease elapsed in 2093. Having 67 years unexpired we approximated the premium to the landlord for the lease extension to be within £11,400 and £13,200 plus fees.

Colnbrook case:

Last Winter we were called by Mrs Eleanor Ward , who completed a purpose-built apartment in Colnbrook in February 1997. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparative flats in Colnbrook with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease ran out in 2104. Considering the 78 years remaining we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus costs.