The only way is down when it comes to Shinfield lease terms. Shinfield properties that have a lease term fewer than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Using our service will provide you enhanced control over the value of your Shinfield leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Michael owned a studio flat in Shinfield on the market with a lease of a few days over 72 years remaining. Michael informally approached his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Michael to exercise his statutory right. Michael obtained expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Ms M Green purchased a garden flat in Shinfield in March 1997. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Shinfield with a long lease were worth £225,400. The average amount of ground rent was £45 billed quarterly. The lease expired on 2 July 2090. Considering the 64 years remaining we estimated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of expenses.
In 2011 we were approached by Mr George Mercier who, having purchased a studio flat in Shinfield in March 1999. The question was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical residencies in Shinfield with an extended lease were in the region of £270,000. The average amount of ground rent was £55 billed annually. The lease expired on 16 January 2101. Having 75 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.