The closer a domestic lease in Pitsea nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, over 100 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than eighty 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 logic behind why you should consider extending sooner than later. Many flat owners in Pitsea will meet the qualifying criteria; however a lawyer should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
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 further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| The Mortgage Works |
Lease extensions in Pitsea can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 dealing with Pitsea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Kai, started to get near to the eighty-year mark with the lease on his ground floor apartment in Pitsea. Having purchased his home two decades ago, the length of the lease was of minimal interest. Fortunately, he noticed he would soon be paying way over the odds for Extending the lease. Kai was able to extend his lease at the eleventh hour last March. Kai and the freeholder subsequently settled on a premium of £6,000 . If the lease had fallen below eighty years, the premium would have become more costly by a minimum £900.
Last Autumn we were e-mailed by Mr and Mrs. W Howard , who completed a one bedroom apartment in Pitsea in October 2012. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar residencies in Pitsea with an extended lease were in the region of £184,000. The average amount of ground rent was £55 billed monthly. The lease lapsed on 12 April 2079. Considering the 53 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus costs.
In 2009 we were called by Mrs Kate Mason who, having took over the lease of a garden apartment in Pitsea in May 2004. The question was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Identical residencies in Pitsea with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 collected yearly. The lease expired in 2099. Considering the 73 years left we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.