Why you should start your Windsor lease extension

Top reasons for lease extension now:

Increase your lease and increase your Windsor property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Windsor can extend the lease for an additional 90 years under legislation. Do think carefully before delaying your Windsor lease extension. Postponing the costs today simply increases the amount you will ultimately have to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties once you come to sell or refinance your flat as it will be effectively unmortgageable. You might not have an imminent plan to sell but when you do your buyer will have to hold off for 2 years before being able to exercise the right to a an extension to the lease.

Get in touch with one of our Windsor lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Windsor leasehold, as your property will be more valuable and marketable in relation to the 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.

Windsor Lease Extension Case Summaries:

Harrison, Windsor, Berkshire,

Harrison owned a conversion apartment in Windsor being marketed with a lease of just over 61 years remaining. Harrison on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Harrison to exercise his statutory right. Harrison obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Windsor case:

Mrs T Moore completed a purpose-built apartment in Windsor in November 1999. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Similar premises in Windsor with 100 year plus lease were valued around £220,400. The average amount of ground rent was £45 billed monthly. The lease end date was in 2090. Considering the 64 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 exclusive of professional charges.

Windsor case:

Mr and Mrs. G Stewart completed a basement flat in Windsor in February 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Identical properties in Windsor with an extended lease were worth £270,000. The average amount of ground rent was £55 billed yearly. The lease finished on 24 May 2101. Considering the 75 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.