Why you should commence your Old Windsor lease extension

Top reasons for lease extension now:

A Old Windsor lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Old Windsor is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 125 years remaining then this decrease may be of little impact however there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Old Windsor will qualify for this right; that being said a lawyer should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Old Windsor with more than one hundred years unexpired on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your Old Windsor property being difficult to dispose of or refinance.

Why use us for your lease extension in Old Windsor?

Irrespective of whether you are a tenant or a freeholder in Old Windsor,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Old Windsor valuers.

Old Windsor Lease Extension Case Studies:

Nathaniel, Old Windsor, Berkshire

Half a year ago Nathaniel, came critically near to the 80-year mark with the lease on his leasehold flat in Old Windsor. In buying his property two decades ago, the lease term was of minimal bearing. by good luck, he became aware that he needed to take steps soon on a lease extension. Nathaniel extended the lease at the eleventh hour in April. Nathaniel and the freeholder via the managing agents ultimately settled on an amount of £6,000 . If he failed to meet the deadline, the figure would have increased by at least £1,150.

Old Windsor case:

In 2011 we were called by Dr Edward Davies who, having was assigned a lease of a purpose-built apartment in Old Windsor in April 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative homes in Old Windsor with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 invoiced per annum. The lease termination date was in 2078. Considering the 52 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including fees.

Old Windsor case:

Last month we were e-mailed by Dr Sarah Stewart , who completed a one bedroom apartment in Old Windsor in September 2003. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Comparable residencies in Old Windsor with a long lease were worth £290,000. The mid-range amount of ground rent was £45 collected annually. The lease lapsed on 21 July 2098. Having 72 years outstanding we approximated the premium to the landlord for the lease extension to be between £11,400 and £13,200 not including expenses.