Main reasons to start your Old Woking lease extension

Top reasons for lease extension now:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Old Woking. Inevitably, the period of lease remaining reduces over time. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Eligible long lease owners in Old Woking have the right to extend the lease for an additional ninety years under statute. Do give careful deliberation before delaying your Old Woking lease extension. Holding off the cost now simply increases the price you will eventually have to pay for a lease extension

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

What makes us experts in Old Woking lease extensions?

The lawyers that we work with procure Old Woking lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Old Woking Lease Extension Example Cases:

Millie, Old Woking, Surrey,

After lengthy correspondence with the landlord of her leasehold apartment in Old Woking, Millie commenced the lease extension process just as her lease was approaching the crucial 80-year mark. The legal work was concluded in September 2014. The landlord’s costs were kept to an absolute minimum.

Old Woking case:

Last Autumn we were approach by Mr and Mrs. H Rivera , who owned a basement apartment in Old Woking in February 1998. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparable premises in Old Woking with 100 year plus lease were in the region of £252,800. The average ground rent payable was £65 collected per annum. The lease lapsed in 2091. Taking into account 65 years remaining we approximated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including expenses.

Old Woking case:

Dr Arthur André moved into a first floor flat in Old Woking in September 2005. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparable homes in Old Woking with a long lease were worth £191,400. The average ground rent payable was £55 collected annually. The lease concluded in 2080. Taking into account 54 years left we approximated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of fees.