Main reasons to commence your Pangbourne lease extension

Main reasons to commence your Pangbourne lease extension today:

Increase your lease and increase your Pangbourne property value

Pangbourne 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 becomes more expensive. Most owners of residential leasehold property in Pangbourne enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Pangbourne you really ought to see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Pangbourne with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As a number of flats in Pangbourne were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Pangbourne?

Retaining our service will provide you better control over the value of your Pangbourne leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Pangbourne Lease Extension Case Summaries:

Henry, Pangbourne, Berkshire

In 2014 Henry, came critically close to the 80-year mark with the lease on his ground floor flat in Pangbourne. In buying his flat two decades ago, the length of the lease was of little importance. Luckily, he recognised he would imminently be paying way over the odds for a lease extension. Henry arranged for a lease extension at the eleventh hour last April. Henry and the freeholder subsequently agreed on the final figure of £6,000 . If he not met the deadline, the sum would have escalated by a minimum £1,100.

Pangbourne case:

Last month we were called by Mr and Mrs. U Díaz , who took over the lease of a newly refurbished apartment in Pangbourne in April 1999. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Identical residencies in Pangbourne with a long lease were in the region of £213,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish in 2083. Considering the 57 years unexpired we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.

Pangbourne case:

Mr and Mrs. K Petit bought a ground floor flat in Pangbourne in August 2012. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Comparative premises in Pangbourne with an extended lease were worth £200,000. The average ground rent payable was £50 invoiced monthly. The lease finished in 2103. Taking into account 77 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.