Top reasons for Crawley Down lease extension

Top reasons for lease extension now:

A Crawley Down leasehold property depreciates with the years remaining on the lease.

Crawley Down leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Flat owners in Crawley Down will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some cases you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Many will simply refuse lend at all once the remaining lease term falls beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Crawley Down home.

What makes us experts in Crawley Down lease extensions?

Retaining our service gives you enhanced control over the value of your Crawley Down 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crawley Down Lease Extension Case Summaries:

Sarah, Crawley Down, West Sussex,

Subsequent to protracted discussions with the freeholder of her first floor flat in Crawley Down, Sarah commenced the lease extension process just as her lease was approaching the critical eighty-year mark. The legal work completed in January 2011. The landlord’s fees were kept to an absolute minimum.

Crawley Down case:

Mrs Lucy Lefèvre acquired a newly refurbished apartment in Crawley Down in June 2005. The dilemma was if we could approximate the price would likely be to extend the lease by 90 years. Comparative flats in Crawley Down with a long lease were worth £295,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease terminated on 6 May 2100. Taking into account 74 years remaining we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including professional charges.

Crawley Down case:

In 2010 we were approached by Mr and Mrs. D King who, having took over the lease of a recently refurbished flat in Crawley Down in August 1997. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Comparative flats in Crawley Down with 100 year plus lease were valued around £248,000. The average ground rent payable was £65 billed every twelve months. The lease terminated in 2089. Having 63 years outstanding we calculated the premium to the landlord for the lease extension to be between £20,900 and £24,200 exclusive of professional charges.