Why you should start your Laindon lease extension

Main reasons to start your Laindon lease extension today:

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

Laindon leases on residential properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the current lease falls below 80 years - otherwise a higher premium will be due. Flat owners in Laindon will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain cases you may not qualify. There are prescribed deadlines and steps to follow once the process has started so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Laindon with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may decide not to lend on a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering many flats in Laindon were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Laindon lease extensions?

Regardless of whether you are a tenant or a landlord in Laindon,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Laindon valuers.

Laindon Lease Extension Case Summaries:

Kian, Laindon, Essex

Half a year ago Kian, started to get close to the 80-year mark with the lease on his one bedroom flat in Laindon. Having purchased his home two decades ago, the length of the lease was of no relevance. As luck would have it, he realised he needed to take action soon on a lease extension. Kian arranged for a lease extension just under the wire last January. Kian and the freeholder via the managing agents subsequently agreed on a premium of £5,500 . If he had missed the deadline, the figure would have gone up by at least £900.

Laindon case:

Mr and Mrs. G Hill owned a ground floor flat in Laindon in April 1997. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical premises in Laindon with a long lease were in the region of £265,000. The mid-range ground rent payable was £50 billed annually. The lease came to a finish in 2099. Considering the 73 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Laindon case:

Dr J Howard completed a studio apartment in Laindon in April 1995. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Laindon with 100 year plus lease were worth £264,000. The mid-range ground rent payable was £60 billed quarterly. The lease came to a finish in 2079. Given that there were 53 years unexpired we calculated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 not including fees.