Why you should start your Reigate lease extension

Why you should start your Reigate lease extension today:

A Reigate leasehold property 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 normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Reigate. Inevitably, the period of lease left reduces over time. This is often ignored and only raises itself as an issue when the property has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Eligible long lease owners in Reigate have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give due consideration before delaying your Reigate lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension

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

It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to lend on a short lease

Get in touch with one of our Reigate lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Reigate,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Reigate valuers.

Reigate Lease Extension Example Cases:

Georgina, Reigate, Surrey,

In the wake of eight months of unsuccessful negotiations with the freeholder of her garden apartment in Reigate, Georgina started the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension was finalised in March 2009. The landlord’s charges were kept to an absolute minimum.

Reigate case:

In 2010 we were contacted by Mrs Victoria Lewis who, having acquired a studio apartment in Reigate in January 2007. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Identical premises in Reigate with 100 year plus lease were worth £216,000. The average ground rent payable was £60 invoiced yearly. The lease end date was on 8 July 2084. Taking into account 58 years remaining we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including expenses.

Reigate case:

Mr and Mrs. B Hill acquired a one bedroom apartment in Reigate in March 1998. The question was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative homes in Reigate with an extended lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease elapsed in 2104. Considering the 78 years left we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.