Main reasons to commence your Crawley Down lease extension

Why you should start your Crawley Down lease extension today:

Increase your lease and increase your Crawley Down property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Crawley Down. Clearly, the length of lease remaining shortens over time. This is often ignored and only becomes a problem when the flat or house needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Crawley Down have the legal entitlement to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. You should give due consideration before putting off your Crawley Down lease extension. Holding off that expense now only increases the price you will eventually have to pay for a lease extension

Crawley Down property with a lease extension is almost the same value as a freehold

Leasehold properties in Crawley Down with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders will not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will be problematic as and when you wish to sell or refinance your property as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your purchaser must hold off for two years before being able to exercise the right to a a lease extension.

What makes us experts in Crawley Down lease extensions?

Irrespective of whether you are a tenant or a landlord in Crawley Down,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 in-depth market knowledge and the close ties they enjoy with Crawley Down valuers.

Crawley Down Lease Extension Example Cases:

Daisy, Crawley Down, West Sussex,

Following protracted negotiations with the landlord of her studio apartment in Crawley Down, Daisy commenced the lease extension process as the 80 year deadline was swiftly coming. The legal work was concluded in January 2011. The freeholder’s charges were negotiated to slightly above four hundred pounds.

Crawley Down case:

In 2010 we were phoned by Mr and Mrs. T Taylor who, having purchased a purpose-built flat in Crawley Down in July 1998. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar flats in Crawley Down with 100 year plus lease were in the region of £240,600. The average ground rent payable was £65 invoiced quarterly. The lease terminated in 2088. Taking into account 62 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including legals.

Crawley Down case:

Dr Aarav François was assigned a lease of a ground floor flat in Crawley Down in August 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Crawley Down with 100 year plus lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease terminated in 2077. Having 51 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of expenses.