Main reasons to start your Basildon lease extension

Why you should start your Basildon lease extension today:

A Basildon leasehold property depreciates with the years remaining on the lease.

Basildon leases on residential deteriorating in value. if your lease has about ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Basildon will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are prescribed deadlines and formalities to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the equivalent 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 not loan monies with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be deficient for lending purposes.

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

Lease extensions in Basildon can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Basildon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Basildon Lease Extension Example Cases:

Tia, Basildon, Essex,

After protracted correspondence with the landlord of her studio apartment in Basildon, Tia initiated the lease extension process as the eighty year threshold was swiftly nearing. The lease extension was concluded in September 2006. The freeholder’s costs were restricted to below 700 GBP.

Basildon case:

Mr and Mrs. H Ward bought a first floor apartment in Basildon in February 1998. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Identical residencies in Basildon with an extended lease were valued around £260,200. The mid-range ground rent payable was £65 invoiced per annum. The lease expiry date was on 18 May 2092. Having 66 years outstanding we estimated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 not including legals.

Basildon case:

In 2012 we were approached by Mr and Mrs. L André who, having purchased a garden flat in Basildon in February 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar homes in Basildon with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 billed monthly. The lease concluded in 2081. Given that there were 55 years outstanding we estimated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 not including fees.