Pitsea leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Pitsea enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Pitsea you really ought to investigate if your lease has between 70 and ninety years left. There are good reasons why a Pitsea leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay
Leasehold residencies in Pitsea with more than 100 years remaining 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 property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| National Westminster Bank | |
| The Mortgage Works | |
| Yorkshire Building Society |
Using our service gives you enhanced control over the value of your Pitsea leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted negotiations with the freeholder of her first floor apartment in Pitsea, Mia started the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction completed in March 2012. The freeholder’s fees were kept to an absolute minimum.
Mr Edward Nguyen completed a recently refurbished apartment in Pitsea in August 2002. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Comparative flats in Pitsea with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected quarterly. The lease end date was in 2099. Having 73 years remaining we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.
In 2013 we were phoned by Dr C Edwards who, having acquired a first floor apartment in Pitsea in May 2012. The dilemma was if we could approximate the price could be for a ninety year lease extension. Identical homes in Pitsea with 100 year plus lease were valued about £240,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease end date was in 2088. Considering the 62 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus professional charges.