Main reasons to start your Great Baddow lease extension

Main reasons to start your Great Baddow lease extension today:

A Great Baddow lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Great Baddow you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic once you wish to sell or remortgage your property as it will be effectively unmortgageable. You might not have an imminent plan to sell but when you do your buyer must wait 2 years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Great Baddow?

Regardless of whether you are a tenant or a freeholder in Great Baddow,the lease extension solicitors 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 Great Baddow valuers.

Great Baddow Lease Extension Case Summaries:

Alice, Great Baddow, Essex,

Off the back of lengthy correspondence with the freeholder of her studio apartment in Great Baddow, Alice initiated the lease extension process as the 80 year threshold was swiftly nearing. The transaction was concluded in April 2005. The landlord’s fees were restricted to under 600 pounds.

Great Baddow case:

Last Autumn we were called by Dr Jodie Rivera , who completed a basement flat in Great Baddow in January 1999. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative residencies in Great Baddow with a long lease were in the region of £254,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease finished in 2077. Considering the 51 years unexpired we estimated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 not including legals.

Great Baddow case:

In 2013 we were approached by Dr C Bennett who, having purchased a one bedroom flat in Great Baddow in January 2011. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparable flats in Great Baddow with an extended lease were valued about £210,600. The average ground rent payable was £45 collected yearly. The lease expiry date was on 16 October 2088. Given that there were 62 years outstanding we approximated the premium to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of fees.