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.

The market value of Crawley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than eighty years

Crawley property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders will not lend with a short lease

Most high street banks are tightening their criteria and many now require flats to have at least sixty if not seventy years left once the mortgage has expired. Considering many flats in Crawley were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Crawley?

Irrespective of whether you are a tenant or a landlord in Crawley,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Crawley valuers.

Crawley Lease Extension Case Summaries:

Andrew, Crawley, West Sussex

In recent months Andrew, started to get close to the eighty-year mark with the lease on his studio apartment in Crawley. In buying his flat two decades ago, the unexpired term was of no relevance. Fortunately, he noticed he needed to take steps soon on Extending the lease. Andrew was able to extend his lease just in the nick of time in June. Andrew and the landlord subsequently agreed on an amount of £5,000 . If he had missed the deadline, the sum would have escalated by a minimum £975.

Crawley case:

Mr T Martínez moved into a garden apartment in Crawley in February 2009. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Similar residencies in Crawley with a long lease were worth £186,000. The average amount of ground rent was £65 collected per annum. The lease elapsed on 5 June 2084. Given that there were 58 years left we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including legals.

Crawley case:

Mr Evan Lambert was assigned a lease of a garden flat in Crawley in July 1999. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Similar residencies in Crawley with a long lease were valued around £250,000. The mid-range ground rent payable was £50 billed yearly. The lease came to a finish in 2095. Having 69 years remaining we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.