Why you should commence your Lower Earley lease extension

Top reasons for lease extension now:

A Lower Earley leasehold property depreciates with the years remaining on the lease.

Lower Earley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Lower Earley tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Lower Earley you really ought to investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Lower Earley flat owner with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay

Lower Earley property with a lease extension is almost the same value as a freehold

Leasehold premises in Lower Earley with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get nervous at around 75 years. This may be problematic once you come to sell or refinance your flat as it will be practically unmortgageable. Even though you may have no imminent intention to sell but when you do your purchaser must hold off for 2 years before they can exercise the right to a an extension to the lease.

What makes us experts in Lower Earley lease extensions?

Retaining our service will provide you better control over the value of your Lower Earley leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Lower Earley Lease Extension Example Cases:

Hollie, Lower Earley, Berkshire,

In the wake of 6 months of unsuccessful discussions with the landlord of her ground floor flat in Lower Earley, Hollie commenced the lease extension process as the 80 year deadline was fast coming. The lease extension was concluded in October 2010. The freeholder’s fees were kept to an absolute minimum.

Lower Earley case:

Mr and Mrs. S Mitchell owned a garden apartment in Lower Earley in November 2004. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Identical residencies in Lower Earley with an extended lease were worth £216,000. The mid-range ground rent payable was £60 invoiced quarterly. The lease finished on 28 August 2084. Considering the 58 years left we approximated the premium to the landlord for the lease extension to be between £28,500 and £33,000 plus expenses.

Lower Earley case:

Dr Aarav Mercier acquired a garden flat in Lower Earley in September 1995. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable flats in Lower Earley with 100 year plus lease were in the region of £205,000. The average ground rent payable was £50 billed monthly. The lease ran out on 26 October 2104. Considering the 78 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £7,600 and £8,800 plus expenses.