Why you should start your Staines lease extension

Top reasons for lease extension now:

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

The market value of a leasehold property in Staines is impacted by how long the lease has remaining. If it is near to or less than eighty years you should expect problems on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. It is preferable to start the lease extension process when a lease still has 82 years unexpired so that formalities can be addressed ahead of the eighty year cut off point. Statute entitles Staines qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has 50 years remaining the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold residencies in Staines with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lenders will not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems if you wish to sell your flat in Staines if the remaining term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Staines?

Irrespective of whether you are a tenant or a freeholder in Staines,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Staines valuers.

Staines Lease Extension Example Cases:

Milo, Staines, Surrey,

Milo owned a conversion apartment in Staines being marketed with a lease of fraction over fifty eight years outstanding. Milo on an informal basis spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Milo to exercise his statutory right. Milo obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.

Staines case:

In 2009 we were called by Mr and Mrs. S Harris who, having was assigned a lease of a one bedroom apartment in Staines in April 1995. We are asked if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative residencies in Staines with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 collected yearly. The lease ran out in 2103. Considering the 77 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including fees.