Main reasons to start your Virginia Water lease extension

Main reasons to commence your Virginia Water lease extension today:

A Virginia Water lease depreciates with the years remaining on the lease.

Virginia Water 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 your lease becomes more expensive. The majority of owners of residential leasehold property in Virginia Water enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Virginia Water you should check if your lease has between 70 and ninety years remaining. There are good reasons why a Virginia Water flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Virginia Water with in excess of 100 years left 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 circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

The trend since 2008 has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Virginia Water lease extensions?

Engaging our service will provide you increased control over the value of your Virginia Water 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.

Virginia Water Lease Extension Example Cases:

John, Virginia Water, Surrey

In recent months John, came seriously near to the 80-year mark with the lease on his garden apartment in Virginia Water. Having purchased his property 19 years previously, the length of the lease was of little interest. by good luck, he became aware that he needed to take action soon on a lease extension. John extended the lease just under the wire last March. John and the freeholder subsequently settled on sum of £6,000 . If the lease had dipped below 80 years, the price would have gone up by at least £1,075.

Virginia Water case:

Mrs E Richardson moved into a ground floor apartment in Virginia Water in July 2011. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Identical properties in Virginia Water with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 invoiced monthly. The lease lapsed in 2080. Given that there were 54 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of fees.

Virginia Water case:

Ms Melissa Ricardo moved into a one bedroom flat in Virginia Water in August 2010. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparative residencies in Virginia Water with a long lease were valued around £227,800. The average ground rent payable was £45 billed monthly. The lease terminated in 2091. Considering the 65 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.