Why you should start your Benfleet lease extension

Main reasons to commence your Benfleet lease extension today:

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

The only way is down when it comes to Benfleet lease terms. Benfleet leaseholds that have a lease term fewer than eighty years will drop in value at a rapid rate, and the cost of extending your lease will go up.

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

Leasehold residencies in Benfleet with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may decide not to grant a mortgage on a short lease

Lenders are really clamping down as regards to homes in Benfleet with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the number of potential purchasers.

Why use us for your lease extension in Benfleet?

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

Benfleet Lease Extension Example Cases:

Hollie, Benfleet, Essex,

Trailing unsuccessful negotiations with the freeholder of her studio flat in Benfleet, Hollie initiated the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The legal work was finalised in November 2012. The freeholder’s costs were negotiated to less than 500 GBP.

Benfleet case:

In 2012 we were contacted by Ms Isabel Allen who, having completed a first floor apartment in Benfleet in June 1999. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical residencies in Benfleet with 100 year plus lease were worth £280,000. The average ground rent payable was £55 invoiced yearly. The lease expired in 2103. Given that there were 77 years unexpired we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including professional charges.

Benfleet case:

Mrs F Martínez took over the lease of a recently refurbished flat in Benfleet in November 2003. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Comparable homes in Benfleet with an extended lease were valued around £183,600. The average amount of ground rent was £65 billed monthly. The lease concluded in 2083. Considering the 57 years remaining we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus fees.