Top reasons for Earley lease extension

Why you should start your Earley lease extension today:

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

Earley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Earley residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Earley you must investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Earley flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay

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

Leasehold residencies in Earley with over 100 years remaining on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not issue a mortgage on a short lease

Lenders are inclined not grant a mortgage on short residential leases. You most probably encounter problems where you want to sell your flat in Earley if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Earley?

Lease extensions in Earley can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 Earley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Earley Lease Extension Example Cases:

Naomi, Earley, Berkshire,

Following protracted correspondence with the landlord of her ground floor apartment in Earley, Naomi started the lease extension process as the eighty year threshold was swiftly approaching. The lease extension was finalised in August 2010. The freeholder’s fees were restricted to below 450 pounds.

Earley case:

Last Christmas we were e-mailed by Mr and Mrs. W François , who was assigned a lease of a first floor apartment in Earley in July 2006. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Similar flats in Earley with an extended lease were worth £240,600. The mid-range ground rent payable was £65 invoiced annually. The lease concluded on 27 June 2088. Considering the 62 years outstanding we calculated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus fees.

Earley case:

Ms Erin Rose was assigned a lease of a studio flat in Earley in November 1995. We are asked if we could estimate the price would likely be for a 90 year lease extension. Identical residencies in Earley with 100 year plus lease were worth £179,200. The average amount of ground rent was £55 invoiced per annum. The lease terminated in 2077. Having 51 years left we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus fees.