Top reasons for Datchet and Langley lease extension

Top reasons for lease extension now:

A Datchet and Langley lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Datchet and Langley you actually own a long leasehold interest over your property

Datchet and Langley property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may cause difficulties once you wish to market or refinance your property as it will be practically unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer will have to wait a couple of years before they can start the legal procedures for a lease extension.

Get in touch with one of our Datchet and Langley lease extension solicitors or enfranchisement solicitors

Lease extensions in Datchet and Langley can be a difficult process. We recommend you obtain guidance 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 procuring Datchet and Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Datchet and Langley Lease Extension Example Cases:

Daniel, Datchet and Langley, Berkshire,

Daniel owned a 2 bedroom apartment in Datchet and Langley on the market with a lease of a little over sixty years left. Daniel informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Daniel to invoke his statutory right. Daniel procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.

Datchet and Langley case:

In 2009 we were approached by Mr and Mrs. F Reed who, having acquired a recently refurbished apartment in Datchet and Langley in June 2007. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Similar residencies in Datchet and Langley with 100 year plus lease were in the region of £254,200. The average amount of ground rent was £60 invoiced per annum. The lease expired on 3 June 2077. Taking into account 51 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 exclusive of legals.