Why you should commence your East Preston lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in East Preston you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to lend with a short lease

Many banks and building societies will not lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your East Preston property becoming difficult to sell or refinance.

What makes us experts in East Preston lease extensions?

Lease extensions in East Preston can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.

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 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:

Edward, East Preston, West Sussex

Half a year ago Edward, came dangerously near to the eighty-year threshold with the lease on his two bedroom flat in East Preston. Having purchased his flat two decades ago, the lease term was of minimal importance. Fortunately, he noticed he would soon be paying an escalated premium for Extending the lease. Edward was able to extend his lease just under the wire last January. Edward and the freeholder via the managing agents ultimately settled on an amount of £5,500 . If the lease had fallen below eighty years, the premium would have escalated by at least £1,050.

East Preston case:

In 2009 we were contacted by Mr and Mrs. S Taylor who, having owned a one bedroom apartment in East Preston in April 2012. The question was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Identical properties in East Preston with a long lease were in the region of £237,600. The mid-range ground rent payable was £45 billed quarterly. The lease elapsed on 11 April 2093. Having 67 years outstanding we calculated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus legals.

East Preston case:

In 2010 we were e-mailed by Dr J David who, having owned a basement apartment in East Preston in July 2007. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative flats in East Preston with a long lease were valued around £280,000. The average ground rent payable was £55 billed every twelve months. The lease expired on 11 August 2104. Having 78 years unexpired we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of fees.