Top reasons for Laindon lease extension

Main reasons to commence your Laindon lease extension today:

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

Laindon leases on residential deteriorating in value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Laindon will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s best to be guided by a conveyancer during the process.

Laindon property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Laindon with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not grant a mortgage on a short lease

Lending institutions have specific criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to remortgage your Laindon home.

Why use us for your lease extension in Laindon?

The lawyers that we work with undertake Laindon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Laindon Lease Extension Example Cases:

Liam, Laindon, Essex

Last Winter Liam, came dangerously near to the eighty-year mark with the lease on his basement apartment in Laindon. Having bought his flat two decades ago, the lease term was of minimal bearing. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Liam extended the lease just ahead of time last September. Liam and the landlord ultimately agreed on a premium of £5,000 . If the lease had gone to less than eighty years, the figure would have escalated by a minimum £850.

Laindon case:

Dr E Bonnet moved into a studio flat in Laindon in March 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Comparable homes in Laindon with a long lease were valued around £285,000. The mid-range ground rent payable was £55 billed annually. The lease came to a finish on 4 January 2106. Given that there were 80 years left we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.

Laindon case:

In 2012 we were e-mailed by Dr V Morris who, having acquired a one bedroom flat in Laindon in June 1999. The question was if we could estimate the premium could be for a 90 year extension to my lease. Comparative premises in Laindon with an extended lease were valued around £200,800. The average ground rent payable was £65 collected every twelve months. The lease terminated in 2086. Having 60 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 not including expenses.