Top reasons for Englefield Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Englefield Green property value

For those whose Englefield Green home is held on a long lease, our message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension.

An extended lease 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 35 years remaining, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not issue a mortgage with a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Englefield Green home.

What makes us experts in Englefield Green lease extensions?

Regardless of whether you are a tenant or a freeholder in Englefield Green,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Englefield Green valuers.

Englefield Green Lease Extension Case Summaries:

Sophie, Englefield Green, Surrey,

Off the back of lengthy discussions with the landlord of her garden apartment in Englefield Green, Sophie initiated the lease extension process as the 80 year threshold was fast advancing. The legal work completed in May 2013. The landlord’s costs were negotiated to a tad over 550 GBP.

Englefield Green case:

Mr and Mrs. Y Ramírez was assigned a lease of a ground floor flat in Englefield Green in April 1995. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Englefield Green with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 billed annually. The lease expired on 10 February 2095. Considering the 69 years unexpired we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.

Englefield Green case:

Last Summer we were contacted by Mr Ollie Adams , who purchased a garden flat in Englefield Green in May 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Englefield Green with an extended lease were valued around £285,000. The mid-range ground rent payable was £55 invoiced annually. The lease came to a finish on 7 January 2106. Taking into account 80 years as a residual term we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.