Top reasons for Tadley lease extension

Why you should commence your Tadley lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Tadley. Clearly, the length of lease remaining reduces over time. This may pass by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Tadley have the legal entitlement to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Tadley lease extension. Holding off the cost now likely increases the price you will eventually have to pay to extend your lease

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

Leasehold properties in Tadley with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not lend on a short lease

Most banks and building societies will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Tadley property being difficult to sell or to obtain finance on.

What makes us experts in Tadley lease extensions?

Lease extensions in Tadley can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 dealing with Tadley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tadley Lease Extension Case Studies:

Zoe, Tadley, Hampshire,

After lengthy negotiations with the freeholder of her first floor flat in Tadley, Zoe started the lease extension process just as the lease was nearing the crucial eighty-year deadline. The transaction was concluded in July 2005. The landlord’s charges were negotiated to a tad over 600 pounds.

Tadley case:

Last Spring we were e-mailed by Mr and Mrs. J Morgan , who bought a recently refurbished apartment in Tadley in July 2003. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Identical residencies in Tadley with 100 year plus lease were valued about £275,000. The average ground rent payable was £55 collected per annum. The lease finished in 2103. Having 77 years left we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including fees.

Tadley case:

Last Summer we were approach by Dr N Jones , who completed a studio flat in Tadley in November 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Tadley with a long lease were worth £183,600. The average amount of ground rent was £65 invoiced monthly. The lease came to a finish in 2083. Considering the 57 years remaining we calculated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.