Top reasons for Windlesham lease extension

Main reasons to start your Windlesham lease extension today:

Increase your lease and increase your Windlesham property value

Windlesham leases on domestic deteriorating in value. Where your lease has in the region of ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher premium will be due. Leasehold owners in Windlesham will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Windlesham lease extensions?

Irrespective of whether you are a tenant or a landlord in Windlesham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Windlesham valuers.

Windlesham Lease Extension Case Studies:

Omar, Windlesham, Surrey

In 2014 Omar, came precariously close to the eighty-year mark with the lease on his basement flat in Windlesham. In buying his flat 19 years ago, the unexpired term was of little relevance. Luckily, he recognised he needed to take action soon on a lease extension. Omar arranged for a lease extension at the eleventh hour last April. Omar and the freeholder in the end agreed on sum of £6,000 . If the lease had slipped to less than eighty years, the sum would have increased by at least £1,150.

Windlesham case:

Mr and Mrs. P Mason moved into a studio apartment in Windlesham in June 2006. The question was if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Identical residencies in Windlesham with 100 year plus lease were worth £225,400. The mid-range amount of ground rent was £45 billed annually. The lease termination date was on 1 April 2090. Taking into account 64 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 plus fees.

Windlesham case:

Last Spring we were e-mailed by Mrs Aimee Phillips , who was assigned a lease of a one bedroom apartment in Windlesham in September 2009. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Identical properties in Windlesham with 100 year plus lease were worth £270,000. The mid-range ground rent payable was £55 billed annually. The lease elapsed in 2101. Taking into account 75 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.