Main reasons to start your Halstead lease extension

Why you should commence your Halstead lease extension today:

Increase your lease and increase your Halstead property value

There is no doubt about it a leasehold flat or house in Halstead is a wasting asset as a result of the shortening lease. If the residual term has, beyond 125 years remaining then this decrease may be fractional however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Halstead will qualify for this right; however a conveyancing solicitor should be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Halstead with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will not lend with a short lease

Banks and building societies do not lend on short residential leases. You are likely to experience problems where you want to sell your flat in Halstead if the remaining term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have varying criteria but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Halstead lease extensions?

Engaging our service gives you better control over the value of your Halstead leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish 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 Case Summaries:

George, Halstead, Essex,

George owned a high value flat in Halstead on the market with a lease of just over sixty years remaining. George on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be due on a lease extension were George to exercise his statutory right. George obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Halstead case:

Mr Caleb Alexander bought a basement flat in Halstead in August 2001. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Halstead with a long lease were valued around £250,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded in 2095. Taking into account 69 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.

Halstead case:

Mr and Mrs. P Vincent took over the lease of a ground floor flat in Halstead in February 2008. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparable homes in Halstead with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £60 billed quarterly. The lease termination date was in 2106. Taking into account 80 years left we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.