Main reasons to start your Winnersh lease extension

Why you should commence your Winnersh lease extension today:

Increase your lease and increase your Winnersh property value

The market value of Winnersh leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is below than eighty years

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

Leasehold properties in Winnersh with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not issue a mortgage on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of the property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Winnersh?

The conveyancers that we work with procure Winnersh lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Winnersh Lease Extension Example Cases:

Rachael, Winnersh, Berkshire,

Off the back of unsuccessful discussions with the freeholder of her garden apartment in Winnersh, Rachael started the lease extension process as the eighty year mark was rapidly coming. The legal work was finalised in November 2014. The freeholder’s costs were restricted to a tad over 450 pounds.

Winnersh case:

In 2012 we were called by Ms S Williams who, having acquired a recently refurbished flat in Winnersh in March 2011. The question was if we could estimate the price could be to extend the lease by an additional years. Comparable properties in Winnersh with 100 year plus lease were worth £260,200. The average ground rent payable was £65 invoiced per annum. The lease came to a finish in 2092. Given that there were 66 years unexpired we approximated the premium to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of professional charges.

Winnersh case:

In 2012 we were called by Mr Nathaniel Harris who, having completed a basement flat in Winnersh in March 2001. The question was if we could approximate the premium would be for a ninety year lease extension. Comparative premises in Winnersh with a long lease were in the region of £198,800. The average ground rent payable was £55 invoiced annually. The lease ran out in 2081. Considering the 55 years left we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus legals.