Why you should start your Easthampstead lease extension

Main reasons to commence your Easthampstead lease extension today:

A Easthampstead lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Easthampstead is a wasting asset as a result of the shortening lease. If the lease has, in excess of 100 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Easthampstead will qualify for this right; nevertheless a conveyancing solicitor will be able to confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold residencies in Easthampstead with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘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 purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not finance a property with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they are unable to get a mortgage, then the financial worth of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Easthampstead lease extension solicitors or enfranchisement solicitors

Lease extensions in Easthampstead can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 a wealth of experience procuring Easthampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Easthampstead Lease Extension Case Summaries:

Eli, Easthampstead, Berkshire,

Eli owned a high value apartment in Easthampstead being marketed with a lease of a few days over 61 years remaining. Eli on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Eli to invoke his statutory right. Eli obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Easthampstead case:

In 2014 we were called by Mr Cameron Petit who, having took over the lease of a garden flat in Easthampstead in June 2008. The question was if we could approximate the price could be for a ninety year extension to my lease. Identical homes in Easthampstead with a long lease were valued around £198,800. The mid-range ground rent payable was £55 invoiced yearly. The lease elapsed in 2081. Having 55 years unexpired we approximated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of fees.

Easthampstead case:

Last Winter we were approach by Dr T Laurent , who was assigned a lease of a first floor apartment in Easthampstead in October 2008. We are asked if we could estimate the price would be to prolong the lease by ninety years. Comparative properties in Easthampstead with a long lease were in the region of £300,000. The average ground rent payable was £50 collected annually. The lease came to a finish in 2101. Considering the 75 years unexpired we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.