Main reasons to commence your Slough lease extension

Top reasons for lease extension now:

A Slough lease depreciates with the years remaining on the lease.

The value of Slough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 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.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Nearly all mortgage companies will not lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Slough property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Slough?

Retaining our service will provide you better control over the value of your Slough leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Slough Lease Extension Example Cases:

Finley, Slough, Berkshire

In 2014 Finley, came critically near to the 80-year threshold with the lease on his purpose- built apartment in Slough. In buying his property two decades ago, the unexpired term was of no significance. Fortunately, he became aware that he would imminently be paying an escalated premium for Extending the lease. Finley extended the lease just under the wire in January. Finley and the freeholder via the managing agents eventually agreed on the final figure of £5,500 . If he had missed the deadline, the amount would have become more costly by at least £1,025.

Slough case:

In 2013 we were contacted by Dr K Howard who, having was assigned a lease of a one bedroom flat in Slough in May 1998. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative homes in Slough with a long lease were worth £218,400. The mid-range ground rent payable was £60 billed monthly. The lease expired on 22 August 2085. Considering the 59 years left we calculated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 not including professional charges.

Slough case:

Mr Rory Gray acquired a recently refurbished apartment in Slough in September 2007. The question was if we could approximate the premium would be to extend the lease by a further 90 years. Similar residencies in Slough with a long lease were worth £205,000. The mid-range amount of ground rent was £50 billed annually. The lease elapsed on 7 June 2105. Taking into account 79 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.