Top reasons for Chigwell lease extension

Main reasons to commence your Chigwell lease extension today:

Increase your lease and increase your Chigwell property value

Chigwell residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

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

Mortgage lenders have specific criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term goes under a specified unexpired lease term. Many Lending institutions will not regard property with a remaining below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Chigwell home.

What makes us experts in Chigwell lease extensions?

Irrespective of whether you are a tenant or a landlord in Chigwell,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chigwell valuers.

Chigwell Lease Extension Example Cases:

Milo, Chigwell, Essex

In recent months Milo, came dangerously near to the 80-year mark with the lease on his purpose- built flat in Chigwell. In buying his flat 19 years previously, the unexpired term was of little importance. As luck would have it, he became aware that he would imminently be paying an inflated amount for Extending the lease. Milo extended the lease just under the wire last January. Milo and the freeholder eventually agreed on sum of £5,500 . If he not met the deadline, the price would have gone up by at least £1,100.

Chigwell case:

Last month we were called by Dr Jayden Brooks , who owned a first floor apartment in Chigwell in April 2001. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Identical residencies in Chigwell with a long lease were worth £225,400. The average ground rent payable was £45 collected quarterly. The lease elapsed on 26 August 2089. Taking into account 64 years unexpired we approximated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of expenses.