Why you should start your Frinton On Sea lease extension

Main reasons to start your Frinton On Sea lease extension today:

A Frinton On Sea lease depreciates with the years remaining on the lease.

Frinton On Sea leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Frinton On Sea residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Frinton On Sea you really ought to check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Frinton On Sea flat owner with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

Frinton On Sea property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Frinton On Sea with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not grant a mortgage on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Frinton On Sea?

Irrespective of whether you are a tenant or a freeholder in Frinton On Sea,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 Frinton On Sea valuers.

Frinton On Sea Lease Extension Example Cases:

Charlie, Frinton On Sea, Essex

Two years ago Charlie, came very close to the eighty-year threshold with the lease on his two bedroom flat in Frinton On Sea. In buying his flat twenty years previously, the length of the lease was of minimal interest. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Charlie arranged for a lease extension just under the wire in May. Charlie and the landlord in the end settled on a premium of £6,000 . If he had missed the deadline, the figure would have escalated by a minimum £925.

Frinton On Sea case:

Last Spring we were approach by Dr Benjamin François , who moved into a garden flat in Frinton On Sea in September 2010. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar residencies in Frinton On Sea with an extended lease were in the region of £223,400. The mid-range amount of ground rent was £60 collected monthly. The lease termination date was on 20 June 2085. Having 59 years remaining we approximated the premium to the landlord for the lease extension to be within £27,600 and £31,800 plus costs.

Frinton On Sea case:

Last year we were called by Mr Rory Patel , who bought a first floor flat in Frinton On Sea in May 2006. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Similar homes in Frinton On Sea with 100 year plus lease were in the region of £205,000. The mid-range ground rent payable was £50 collected quarterly. The lease concluded in 2105. Given that there were 79 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.