Englefield Green 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. It is the case that most Englefield Green tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Englefield Green you should investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Englefield Green leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay
It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Virgin |
The conveyancers that we work with handle Englefield Green lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
After protracted correspondence with the landlord of her leasehold apartment in Englefield Green, Poppy started the lease extension process as the eighty year deadline was quickly coming. The legal work was finalised in April 2007. The landlord’s charges were kept to an absolute minimum.
Mr and Mrs. I Laurent bought a one bedroom apartment in Englefield Green in November 2004. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative flats in Englefield Green with a long lease were valued around £183,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease concluded on 3 September 2083. Considering the 57 years unexpired we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus fees.
Mr and Mrs. L Cooper acquired a ground floor flat in Englefield Green in October 2007. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparative residencies in Englefield Green with an extended lease were in the region of £245,000. The average ground rent payable was £50 invoiced annually. The lease terminated on 2 February 2094. Considering the 68 years outstanding we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.