Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Pitsea. Inevitably, the period of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the residence needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Pitsea have the legal entitlement to extend the lease for a further 90 years under statute. Please give careful consideration before delaying your Pitsea lease extension. Putting off that expense now only increases the price you will eventually have to pay for a lease extension
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Pitsea can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 procuring Pitsea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted negotiations with the freeholder of her studio apartment in Pitsea, Emily initiated the lease extension process as the 80 year threshold was rapidly coming. The transaction was concluded in May 2014. The freeholder’s costs were kept to an absolute minimum.
Dr Phoebe Ramírez was assigned a lease of a garden flat in Pitsea in January 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative residencies in Pitsea with an extended lease were valued around £166,800. The mid-range ground rent payable was £55 billed per annum. The lease terminated on 2 May 2076. Taking into account 50 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus professional charges.
Last Winter we were approach by Dr Stephanie López , who was assigned a lease of a one bedroom flat in Pitsea in September 2005. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical premises in Pitsea with an extended lease were worth £280,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease terminated on 5 May 2096. Taking into account 70 years left we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.