Unfortunately that a Crowthorne residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Crowthorne property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than 80 years - otherwise a higher amount will be payable. The majority of flat owners in Crowthorne will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.
Leasehold residencies in Crowthorne with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| National Westminster Bank |
Lease extensions in Crowthorne can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.
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 Crowthorne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of lengthy negotiations with the freeholder of her leasehold apartment in Crowthorne, Shannon commenced the lease extension process just as the lease was approaching the critical eighty-year deadline. The lease extension was concluded in November 2011. The landlord’s charges were restricted to less than 500 pounds.
In 2013 we were contacted by Ms Elizabeth Bell who, having bought a one bedroom apartment in Crowthorne in June 1999. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparable premises in Crowthorne with a long lease were worth £261,600. The average ground rent payable was £60 invoiced per annum. The lease expired in 2078. Considering the 52 years remaining we estimated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 plus fees.
In 2012 we were contacted by Mrs S Wood who, having purchased a purpose-built apartment in Crowthorne in April 2011. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Similar premises in Crowthorne with 100 year plus lease were valued around £218,000. The average ground rent payable was £45 invoiced quarterly. The lease ended in 2089. Taking into account 63 years as a residual term we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of fees.