Top reasons for Crawley lease extension

Why you should start your Crawley lease extension today:

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

As the the remaining lease term of a Crawley residential lease decreases so does its value and therefore the value of your property. Where the residual term has, in excess of 125 years to run then this decrease may be fractional however there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending without delay. Many flat owners in Crawley will meet the qualifying criteria; however a conveyancer can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This may be problematic when you need to dispose of or refinance your property as it will be practically unmortgageable. Even though you might have no immediate intention to sell but when you do your buyer will need to hold off for 2 years before they can start the legal procedures for an extension to the lease.

What makes us experts in Crawley lease extensions?

Lease extensions in Crawley can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Crawley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Crawley Lease Extension Example Cases:

Ashleigh, Crawley, West Sussex,

Subsequent to unsuccessful correspondence with the landlord of her ground floor flat in Crawley, Ashleigh started the lease extension process as the eighty year threshold was quickly approaching. The legal work was concluded in October 2008. The freeholder’s costs were kept to an absolute minimum.

Crawley case:

Last month we were e-mailed by Dr E Moore , who bought a purpose-built flat in Crawley in August 2006. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative residencies in Crawley with a long lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected per annum. The lease elapsed on 16 August 2096. Considering the 70 years remaining we calculated the premium to the landlord to extend the lease to be within £10,500 and £12,000 plus legals.

Crawley case:

Last Winter we were contacted by Mr Ollie Hill , who bought a studio flat in Crawley in January 1997. We are asked if we could approximate the price would likely be for a 90 year lease extension. Similar homes in Crawley with 100 year plus lease were worth £246,800. The mid-range ground rent payable was £60 invoiced every twelve months. The lease terminated on 23 July 2076. Having 50 years remaining we calculated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of professional charges.