Main reasons to start your Datchet and Langley lease extension

Main reasons to start your Datchet and Langley lease extension today:

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

The value of Datchet and Langley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is less than 80 years

Datchet and Langley property with a lease extension is almost the same value as a freehold

Leasehold premises in Datchet and Langley with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Mortgage companies are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Datchet and Langley were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Datchet and Langley?

The conveyancing solicitors that we work with handle Datchet and Langley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Datchet and Langley Lease Extension Case Studies:

Felix, Datchet and Langley, Berkshire,

Felix owned a conversion flat in Datchet and Langley on the market with a lease of a little over sixty years left. Felix informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Felix to invoke his statutory right. Felix obtained expert advice and secured an acceptable resolution informally and sell the property.

Datchet and Langley case:

In 2012 we were contacted by Ms L Bonnet who, having took over the lease of a garden flat in Datchet and Langley in August 2000. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparable premises in Datchet and Langley with 100 year plus lease were valued around £186,000. The average amount of ground rent was £65 billed every twelve months. The lease ended in 2083. Having 58 years left we calculated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 not including expenses.