Why you should commence your Egham lease extension

Main reasons to commence your Egham lease extension today:

Increase your lease and increase your Egham property value

For anyone whose Egham property is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may not lend on a short lease

Banks and building societies differ in their lending criteria. Some set the bar at 75 years outstanding on the lease; others may be willing to lend with anything with more than 70 years. With less than sixty years, it may be problematic to obtain a mortgage in the first place.

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

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

Egham Lease Extension Case Summaries:

Finn, Egham, Surrey,

Finn owned a 2 bedroom flat in Egham being marketed with a lease of just over 72 years unexpired. Finn on an informal basis contacted his landlord being a well known Bristol-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 on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Finn to exercise his statutory right. Finn procured expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the property.

Egham case:

Last Autumn we were called by Mr and Mrs. I Díaz , who bought a garden apartment in Egham in June 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Similar flats in Egham with a long lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease expired on 4 March 2096. Considering the 70 years left we estimated the compensation to the landlord to extend the lease to be between £10,500 and £12,000 exclusive of professional charges.