Why you should commence your Theale lease extension

Top reasons for lease extension now:

Increase your lease and increase your Theale property value

Theale leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Theale will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Theale with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may not loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is likely that someone intending to purchase your property in the future might well do, so in the event that they are not able to secure a mortgage, then the financial worth of the property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Theale lease extensions?

Retaining our service will provide you enhanced control over the value of your Theale leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Theale Lease Extension Example Cases:

Ibrahim, Theale, Berkshire

Last October Ibrahim, came very near to the eighty-year threshold with the lease on his studio apartment in Theale. Having purchased his property twenty years previously, the unexpired term was of no interest. by good luck, he noticed he would soon be paying an inflated amount for Extending the lease. Ibrahim extended the lease just under the wire last September. Ibrahim and the landlord in the end agreed on sum of £6,000 . If the lease had descended lower than 80 years, the premium would have become more costly by a minimum £950.

Theale case:

Last Summer we were called by Dr Riley González , who moved into a studio apartment in Theale in September 2011. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Similar residencies in Theale with an extended lease were in the region of £227,800. The mid-range amount of ground rent was £45 billed quarterly. The lease came to a finish in 2091. Considering the 65 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including fees.

Theale case:

In 2010 we were called by Ms Ella Bailey who, having bought a newly refurbished flat in Theale in September 2012. The dilemma was if we could approximate the premium could be to extend the lease by a further 90 years. Comparable premises in Theale with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £55 invoiced monthly. The lease came to a finish in 2102. Considering the 76 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.