Top reasons for Loughton lease extension

Why you should commence your Loughton lease extension today:

Increase your lease and increase your Loughton property value

As the the remaining lease term of a Loughton residential lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 99 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending without delay. Many flat owners in Loughton will qualify for this right; nevertheless a conveyancing solicitor should be able to confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions will not lend with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. As many flats in Loughton were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Loughton?

The conveyancers that we work with procure Loughton 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.

Loughton Lease Extension Case Studies:

Isaac, Loughton, Essex

In recent months Isaac, started to get close to the 80-year mark with the lease on his ground floor apartment in Loughton. Having purchased his property twenty years previously, the lease term was of little significance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Isaac was able to extend his lease just ahead of time in July. Isaac and the landlord in the end agreed on an amount of £6,000 . If the lease had fallen lower than 80 years, the premium would have gone up by at least £1,050.

Loughton case:

In 2014 we were e-mailed by Dr Toby André who, having bought a purpose-built flat in Loughton in October 1999. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical properties in Loughton with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease elapsed on 17 April 2098. Taking into account 72 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.