Shinfield and Arborfield leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the current lease falls under eighty years - otherwise a higher amount will be payable. Flat owners in Shinfield and Arborfield will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain situations you may not qualify. There are also strict timetables and steps to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Shinfield and Arborfield with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| The Mortgage Works |
Retaining our service gives you enhanced control over the value of your Shinfield and Arborfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Jackson was the the leasehold proprietor of a conversion apartment in Shinfield and Arborfield being marketed with a lease of a few days over 72 years remaining. Jackson on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Jackson to exercise his statutory right. Jackson obtained expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
In 2014 we were e-mailed by Mr and Mrs. G Reed who, having owned a first floor apartment in Shinfield and Arborfield in September 1996. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparable premises in Shinfield and Arborfield with an extended lease were worth £210,600. The mid-range amount of ground rent was £45 invoiced annually. The lease terminated in 2088. Taking into account 62 years remaining we approximated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of expenses.
Last September we were e-mailed by Mrs Paige Petit , who was assigned a lease of a basement flat in Shinfield and Arborfield in April 2009. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Identical premises in Shinfield and Arborfield with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 collected quarterly. The lease concluded in 2099. Considering the 73 years unexpired we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.