Top reasons for Staines lease extension

Top reasons for lease extension now:

Increase your lease and increase your Staines property value

Staines leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Staines residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Staines you would be well advised to check if your lease has between seventy and ninety years left. There are good reasons why a Staines leaseholder with a lease having around eighty years remaining should take action to make sure that a lease extension is actioned without delay

Staines property with a lease extension has roughly the same value as a freehold

Leasehold properties in Staines with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may cause difficulties when you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may not have an imminent intention to sell but when you do your buyer will have to wait two years before they can exercise the right to a a lease extension.

Get in touch with one of our Staines lease extension solicitors or enfranchisement solicitors

Lease extensions in Staines can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Staines lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Staines Lease Extension Case Summaries:

Ali, Staines, Surrey

In 2014 Ali, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Staines. Having purchased his flat two decades ago, the lease term was of minimal significance. As luck would have it, he noticed he would soon be paying an inflated amount for Extending the lease. Ali was able to extend his lease at the eleventh hour in September. Ali and the landlord eventually settled on the final figure of £5,500 . If he not met the deadline, the price would have gone up by at least £1,050.

Staines case:

In 2011 we were contacted by Mrs Eleanor Michel who, having completed a one bedroom flat in Staines in February 2008. The question was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical flats in Staines with 100 year plus lease were valued around £227,800. The average amount of ground rent was £45 collected quarterly. The lease ended on 12 October 2091. Given that there were 65 years outstanding we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus professional charges.