Main reasons to commence your Halstead lease extension

Main reasons to commence your Halstead lease extension today:

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

Halstead residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.

Lenders may decide not to lend on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be deficient for lending purposes.

What makes us experts in Halstead lease extensions?

Using our service gives 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 wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Halstead Lease Extension Case Studies:

Teddy, Halstead, Essex,

Teddy was the the leasehold proprietor of a high value apartment in Halstead on the market with a lease of fraction over 61 years outstanding. Teddy informally contacted his landlord being a well known local-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 new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Teddy to exercise his statutory right. Teddy obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Halstead case:

Last Autumn we were approach by Mrs V Mason , who was assigned a lease of a garden apartment in Halstead in September 2000. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Identical homes in Halstead with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £60 collected yearly. The lease lapsed on 11 April 2106. Considering the 80 years as a residual term we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.

Halstead case:

Last Summer we were phoned by Mrs Y Martinez , who took over the lease of a purpose-built flat in Halstead in August 2000. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Identical properties in Halstead with a long lease were valued about £200,800. The mid-range ground rent payable was £65 collected yearly. The lease expired in 2086. Taking into account 60 years unexpired we approximated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of professional charges.