There is no doubt about it a leasehold property in Slough is a wasting asset as a result of the shortening lease. Where the lease has, over one hundred years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner as opposed to later. Most flat owners in Slough will qualify for this right; that being said a conveyancing solicitor will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Engaging our service will provide you enhanced control over the value of your Slough leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of unsuccessful discussions with the freeholder of her first floor flat in Slough, Ellen started the lease extension process just as the lease was approaching the crucial 80-year threshold. The lease extension was finalised in April 2008. The landlord’s fees were restricted to approximately four hundred GBP.
In 2010 we were e-mailed by Dr Rachel López who, having was assigned a lease of a basement flat in Slough in July 2009. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Slough with 100 year plus lease were valued about £233,200. The average amount of ground rent was £60 billed yearly. The lease expired on 4 June 2086. Having 61 years as a residual term we calculated the premium to the landlord to extend the lease to be within £22,800 and £26,400 exclusive of costs.
Last Summer we were called by Mr Joseph Ali , who took over the lease of a one bedroom flat in Slough in March 1999. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative homes in Slough with an extended lease were worth £166,800. The average ground rent payable was £50 invoiced annually. The lease came to a finish on 17 April 2075. Taking into account 50 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of legals.