Main reasons to commence your Windsor lease extension

Why you should commence your Windsor lease extension today:

Increase your lease and increase your Windsor property value

It’s a harsh truth that a Windsor residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Windsor property prices.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher amount will be payable. Most leasehold owners in Windsor will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage on a short lease

Many banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Windsor property becoming difficult to sell or to obtain finance on.

What makes us experts in Windsor lease extensions?

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

Windsor Lease Extension Case Studies:

Millie, Windsor, Berkshire,

In the wake of 6 months of lengthy discussions with the landlord of her studio apartment in Windsor, Millie commenced the lease extension process just as her lease was nearing the all-important 80-year deadline. The lease extension was finalised in September 2010. The landlord’s fees were restricted to approximately 700 GBP.

Windsor case:

Mr Oscar Nguyen was assigned a lease of a one bedroom apartment in Windsor in July 2006. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparative properties in Windsor with an extended lease were worth £264,000. The average amount of ground rent was £60 billed monthly. The lease terminated in 2079. Taking into account 53 years outstanding we approximated the premium to the landlord for the lease extension to be between £37,100 and £42,800 exclusive of professional charges.

Windsor case:

In 2011 we were e-mailed by Mr E Anderson who, having owned a purpose-built flat in Windsor in January 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Windsor with a long lease were in the region of £220,400. The mid-range ground rent payable was £45 collected monthly. The lease elapsed on 3 May 2090. Given that there were 64 years unexpired we estimated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of professional charges.