Why you should start your East Preston lease extension

Top reasons for lease extension now:

A East Preston leasehold property depreciates with the years remaining on the lease.

Unfortunately that a East Preston residential lease is a deteriorating 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 reduction being disguised by increases in the East Preston property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. If lease term dips under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in East Preston will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict timetables 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 process.

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

The trend since 2008 has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in East Preston lease extensions?

Lease extensions in East Preston can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 in-depth market knowledge dealing with East Preston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Preston Lease Extension Case Summaries:

Kayleigh, East Preston, West Sussex,

After lengthy correspondence with the landlord of her one bedroom apartment in East Preston, Kayleigh started the lease extension process as the eighty year mark was fast advancing. The legal work completed in March 2011. The landlord’s fees were kept to an absolute minimum.

East Preston case:

In 2010 we were contacted by Mr and Mrs. W Gunderson who, having moved into a first floor flat in East Preston in September 2000. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Comparable flats in East Preston with an extended lease were worth £285,000. The average amount of ground rent was £55 invoiced yearly. The lease lapsed on 3 March 2105. Given that there were 79 years remaining we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.

East Preston case:

Dr D Morris was assigned a lease of a first floor apartment in East Preston in April 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in East Preston with an extended lease were in the region of £193,400. The mid-range ground rent payable was £65 collected annually. The lease came to a finish on 10 November 2085. Taking into account 59 years left we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus professional charges.