Top reasons for Benfleet lease extension

Main reasons to start your Benfleet lease extension today:

Increase your lease and increase your Benfleet property value

As the length of the unexpired term of a Benfleet residential lease diminished so does its value and therefore the value of your property. If the lease has, in excess of 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner rather than later. The majority of flat owners in Benfleet will qualify for this right; nevertheless a conveyancing solicitor should be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Benfleet property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to finance a property with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may cause difficulties when you come to market or remortgage your flat as it will be practically unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer will have to hold off for a couple of years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in Benfleet?

Irrespective of whether you are a tenant or a freeholder in Benfleet,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Benfleet valuers.

Benfleet Lease Extension Case Summaries:

Natasha, Benfleet, Essex,

Following unsuccessful correspondence with the freeholder of her first floor flat in Benfleet, Natasha commenced the lease extension process just as the lease was nearing the critical eighty-year mark. The transaction was finalised in April 2015. The landlord’s charges were kept to an absolute minimum.

Benfleet case:

Last Christmas we were approach by Dr W Michel , who bought a newly refurbished apartment in Benfleet in August 2011. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Similar flats in Benfleet with a long lease were worth £246,800. The average ground rent payable was £60 collected every twelve months. The lease terminated in 2076. Having 50 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 not including legals.

Benfleet case:

In 2014 we were called by Mrs N Laurent who, having owned a newly refurbished flat in Benfleet in June 2009. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical flats in Benfleet with an extended lease were in the region of £208,200. The mid-range ground rent payable was £65 collected every twelve months. The lease expired on 3 August 2087. Taking into account 61 years left we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 plus legals.