Why you should commence your Shinfield and Arborfield lease extension

Why you should start your Shinfield and Arborfield lease extension today:

A Shinfield and Arborfield leasehold property depreciates with the years remaining on the lease.

Shinfield and Arborfield leases on residential properties are gradually losing value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Shinfield and Arborfield will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some situations you may not qualify. There are also strict timetables and formalities to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

Shinfield and Arborfield property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

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

Lenders will not lend on short residential leases. You are likely to encounter problems if you wish to sell your flat in Shinfield and Arborfield if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different lenders have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Shinfield and Arborfield?

The conveyancing solicitors that we work with procure Shinfield and Arborfield 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 lawyer we work with provide it.

Shinfield and Arborfield Lease Extension Case Summaries:

Catherine, Shinfield and Arborfield, Berkshire,

Trailing lengthy negotiations with the landlord of her studio apartment in Shinfield and Arborfield, Catherine commenced the lease extension process as the 80 year mark was fast approaching. The legal work completed in April 2009. The freeholder’s charges were kept to an absolute minimum.

Shinfield and Arborfield case:

Mr C Ramírez completed a garden apartment in Shinfield and Arborfield in September 2005. We are asked if we could estimate the premium would be for a 90 year lease extension. Identical flats in Shinfield and Arborfield with an extended lease were valued around £246,800. The mid-range amount of ground rent was £60 billed quarterly. The lease ended in 2076. Given that there were 50 years unexpired we approximated the premium to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of expenses.

Shinfield and Arborfield case:

In 2010 we were contacted by Mrs U López who, having purchased a first floor flat in Shinfield and Arborfield in June 2011. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical premises in Shinfield and Arborfield with 100 year plus lease were in the region of £208,200. The average ground rent payable was £65 collected monthly. The lease terminated on 15 July 2087. Given that there were 61 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of costs.