Top reasons for Finchampstead lease extension

Top reasons for lease extension now:

Increase your lease and increase your Finchampstead property value

The market value of Finchampstead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than eighty years

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

Leasehold premises in Finchampstead with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to loan monies with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties where you want to sell your flat in Finchampstead if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but generally theyrequire an unexpired term of at least seventy years.

What makes us experts in Finchampstead lease extensions?

Regardless of whether you are a tenant or a landlord in Finchampstead,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Finchampstead valuers.

Finchampstead Lease Extension Example Cases:

Zoe, Finchampstead, Berkshire,

Trailing protracted negotiations with the freeholder of her one bedroom apartment in Finchampstead, Zoe started the lease extension process just as her lease was approaching the critical 80-year mark. The legal work was finalised in November 2012. The landlord’s costs were restricted to slightly above four hundred pounds.

Finchampstead case:

Last Christmas we were approach by Dr J Ricardo , who completed a basement apartment in Finchampstead in August 2011. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Comparable homes in Finchampstead with a long lease were in the region of £218,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ended in 2089. Having 63 years left we calculated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 plus fees.

Finchampstead case:

Mr and Mrs. O Robinson purchased a recently refurbished apartment in Finchampstead in July 2008. The question was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar premises in Finchampstead with an extended lease were valued around £265,000. The mid-range ground rent payable was £55 collected monthly. The lease lapsed in 2100. Taking into account 74 years outstanding we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.