Top reasons for Finchampstead lease extension

Why you should start your Finchampstead lease extension today:

Increase your lease and increase your Finchampstead property value

It’s an underpublicised certainty that a Finchampstead residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Finchampstead property market.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher premium will be due. Most flat owners in Finchampstead will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.

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

It is generally accepted that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions will not loan monies on a short lease

The trend since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

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

Lease extensions in Finchampstead can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 in-depth market knowledge dealing with Finchampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Finchampstead Lease Extension Example Cases:

Natalie, Finchampstead, Berkshire,

Following lengthy discussions with the freeholder of her ground floor apartment in Finchampstead, Natalie started the lease extension process as the eighty year threshold was swiftly coming. The legal work was concluded in January 2015. The freeholder’s fees were restricted to about 650 pounds.

Finchampstead case:

Last April we were contacted by Dr R Ward , who took over the lease of a one bedroom apartment in Finchampstead in May 2007. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical properties in Finchampstead with a long lease were worth £254,200. The mid-range amount of ground rent was £60 billed monthly. The lease ended on 1 November 2077. Having 51 years remaining we calculated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 not including professional charges.

Finchampstead case:

In 2014 we were contacted by Ms Molly Brooks who, having owned a first floor apartment in Finchampstead in August 2010. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable homes in Finchampstead with 100 year plus lease were in the region of £210,600. The mid-range amount of ground rent was £45 collected yearly. The lease terminated on 25 September 2088. Considering the 62 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including professional charges.