Main reasons to start your Loughton lease extension

Main reasons to commence your Loughton lease extension today:

A Loughton leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Loughton lease terms. Loughton flats that have a residual term shorter than 80 years will drop in value at a rapid rate, and the cost to extend your lease will increase.

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

Leasehold properties in Loughton with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may not lend with a short lease

Why use us for your lease extension in Loughton?

Irrespective of whether you are a tenant or a freeholder in Loughton,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Loughton valuers.

Loughton Lease Extension Example Cases:

Francesca, Loughton, Essex,

Following lengthy correspondence with the freeholder of her basement apartment in Loughton, Francesca initiated the lease extension process as the eighty year deadline was swiftly advancing. The legal work was finalised in August 2015. The landlord’s charges were kept to an absolute minimum.

Loughton case:

Last Christmas we were phoned by Mr K Jackson , who owned a ground floor flat in Loughton in May 1998. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Loughton with a long lease were valued around £225,400. The mid-range amount of ground rent was £45 billed quarterly. The lease came to a finish in 2090. Having 64 years remaining we estimated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of fees.