Why you should start your Old Woking lease extension

Main reasons to start your Old Woking lease extension today:

Increase your lease and increase your Old Woking property value

It’s a harsh certainty that a Old Woking residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Old Woking property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining dips below 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Old Woking will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the formalities.

Old Woking property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage on a short lease

What makes us experts in Old Woking lease extensions?

The conveyancers that we work with handle 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:

Lauren, Old Woking, Surrey,

In the wake of 9 months of lengthy discussions with the landlord of her leasehold apartment in Old Woking, Lauren started the lease extension process just as her lease was nearing the critical 80-year mark. The lease extension was concluded in January 2008. The landlord’s fees were negotiated to under 700 GBP.

Old Woking case:

Dr Kyle Simon owned a garden apartment in Old Woking in August 1999. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparative homes in Old Woking with a long lease were valued about £200,000. The average amount of ground rent was £50 billed every twelve months. The lease concluded on 11 September 2103. Taking into account 77 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including fees.

Old Woking case:

Mr and Mrs. F Hall moved into a one bedroom flat in Old Woking in August 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Comparative homes in Old Woking with a long lease were valued around £260,200. The average ground rent payable was £65 invoiced quarterly. The lease finished on 12 September 2092. Having 66 years unexpired we approximated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 exclusive of professional charges.