Main reasons to commence your Shinfield lease extension

Why you should start your Shinfield lease extension today:

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

The value of Shinfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not finance a property with a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are intending to remortgage your Shinfield property.

What makes us experts in Shinfield lease extensions?

Lease extensions in Shinfield can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Shinfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Shinfield Lease Extension Example Cases:

Rory, Shinfield, Berkshire

Last year Rory, came precariously near to the 80-year threshold with the lease on his purpose- built flat in Shinfield. Having bought his flat 19 years previously, the length of the lease was of little relevance. Fortunately, it dawned on him that he would soon be paying way over the odds for Extending the lease. Rory extended the lease at the eleventh hour in January. Rory and the landlord who owned the flat above eventually settled on an amount of £5,000 . If the lease had dropped to less than eighty years, the amount would have gone up by at least £900.

Shinfield case:

Mr and Mrs. G Davies bought a first floor apartment in Shinfield in September 2003. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Identical residencies in Shinfield with a long lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced quarterly. The lease terminated on 19 November 2086. Considering the 60 years unexpired we calculated the premium to the landlord to extend the lease to be between £20,900 and £24,200 plus expenses.

Shinfield case:

Dr Jodie Morel bought a purpose-built apartment in Shinfield in April 2012. The question was if we could estimate the price would be for a 90 year extension to my lease. Similar properties in Shinfield with an extended lease were valued around £255,000. The average ground rent payable was £50 collected monthly. The lease termination date was on 27 February 2097. Taking into account 71 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.