Laindon Lease Extension - Free Consultation

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Top reasons for Laindon lease extension


Top reasons for lease extension now:

Increase your lease and increase your Laindon property value

Laindon leases on residential deteriorating in value. if your lease has approximately 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Laindon will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and formalities to follow once the process is triggered so it’s sensible to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Mortgage companies will not lend on short residential leases. You are likely to experience problems where you want to sell your flat in Laindon if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Laindon?

Lease extensions in Laindon can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Laindon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Laindon Lease Extension Case Studies:

Tyler, Laindon, Essex

Half a year ago Tyler, started to get close to the eighty-year threshold with the lease on his first floor flat in Laindon. In buying his home two decades ago, the unexpired term was of little concern. As luck would have it, he realised he needed to take steps soon on Extending the lease. Tyler arranged for a lease extension at the eleventh hour last May. Tyler and the freeholder eventually settled on an amount of £6,000 . If the lease had dipped below eighty years, the figure would have increased by a minimum £925.

Laindon case:

Mr Riley Baker owned a purpose-built flat in Laindon in September 2001. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Similar flats in Laindon with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 invoiced monthly. The lease came to a finish in 2100. Given that there were 76 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.

Laindon case:

Last year we were approach by Mr S Ward , who completed a garden apartment in Laindon in October 2000. We are asked if we could estimate the price could be to extend the lease by an additional years. Comparative flats in Laindon with 100 year plus lease were worth £176,200. The mid-range ground rent payable was £65 billed per annum. The lease concluded on 4 January 2080. Having 56 years unexpired we calculated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of fees.