Main reasons to start your Halstead lease extension

Why you should start your Halstead lease extension today:

A Halstead leasehold property depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Halstead. Clearly, the period of lease left reduces over time. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Halstead have the right to extend the lease for an additional 90 years in accordance with legislation. You should give careful deliberation before delaying your Halstead lease extension. Putting off that expense now likely increases the price you will ultimately incur for a lease extension

Halstead property with a lease extension is almost the same value as a freehold

Leasehold properties in Halstead with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not grant a mortgage on a short lease

Get in touch with one of our Halstead lease extension solicitors or enfranchisement solicitors

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

Halstead Lease Extension Example Cases:

Oliver, Halstead, Essex,

Oliver owned a high value apartment in Halstead being sold with a lease of fraction over sixty years outstanding. Oliver informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Oliver to exercise his statutory right. Oliver procured expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Halstead case:

Last Winter we were contacted by Mr and Mrs. F Rose , who was assigned a lease of a ground floor apartment in Halstead in August 1999. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Similar flats in Halstead with 100 year plus lease were worth £208,200. The average ground rent payable was £65 billed annually. The lease ended on 24 April 2087. Given that there were 61 years outstanding we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of expenses.

Halstead case:

Last September we were e-mailed by Mr and Mrs. W Alexander , who took over the lease of a one bedroom apartment in Halstead in November 1998. We are asked if we could estimate the premium could be for a 90 year lease extension. Similar premises in Halstead with an extended lease were valued about £260,000. The average amount of ground rent was £50 collected yearly. The lease lapsed in 2098. Taking into account 72 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.