Top reasons for Storrington lease extension

Main reasons to commence your Storrington lease extension today:

Increase your lease and increase your Storrington property value

On the balance of probabilities if you own a flat in Storrington you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Storrington with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of prospective buyers.

What makes us experts in Storrington lease extensions?

Using our service will provide you better control over the value of your Storrington leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Storrington Lease Extension Example Cases:

Theo, Storrington, West Sussex

Two years ago Theo, started to get near to the 80-year mark with the lease on his purpose- built apartment in Storrington. In buying his flat twenty years ago, the length of the lease was of little relevance. by good luck, he recognised he needed to take steps soon on Extending the lease. Theo arranged for a lease extension at the eleventh hour in April. Theo and the landlord eventually settled on an amount of £5,500 . If he not met the deadline, the premium would have gone up by a minimum £1,100.

Storrington case:

Last Christmas we were contacted by Mr and Mrs. O Hall , who completed a studio apartment in Storrington in April 2007. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Identical premises in Storrington with 100 year plus lease were valued around £225,800. The average amount of ground rent was £60 collected yearly. The lease came to a finish on 12 February 2086. Having 60 years unexpired we calculated the compensation to the landlord for the lease extension to be within £25,700 and £29,600 exclusive of professional charges.

Storrington case:

In 2011 we were approached by Mr E James who, having moved into a studio flat in Storrington in January 1998. The question was if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparative homes in Storrington with 100 year plus lease were valued about £210,000. The average amount of ground rent was £50 collected every twelve months. The lease elapsed on 17 June 2106. Considering the 80 years outstanding we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.