It’s a harsh certainty that a Windsor residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Windsor property prices.Once your lease nears 85ish years, you need to start thinking about 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 falls below eighty years - otherwise a higher amount will be due. Most flat owners in Windsor will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB |
Regardless of whether you are a tenant or a landlord in Windsor,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Windsor valuers.
Aarav was the the leasehold owner of a studio apartment in Windsor on the market with a lease of just over 72 years unexpired. Aarav on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
Last Winter we were e-mailed by Dr A Rivera , who acquired a one bedroom flat in Windsor in November 1997. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Comparable residencies in Windsor with 100 year plus lease were worth £260,000. The average ground rent payable was £50 collected quarterly. The lease elapsed on 12 April 2098. Considering the 72 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.
In 2014 we were phoned by Mr and Mrs. V Allen who, having was assigned a lease of a one bedroom flat in Windsor in August 2005. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Identical flats in Windsor with 100 year plus lease were in the region of £256,600. The mid-range ground rent payable was £60 billed every twelve months. The lease elapsed on 6 February 2078. Considering the 52 years left we calculated the compensation to the landlord for the lease extension to be within £41,800 and £48,400 not including legals.