The nearer a domestic lease in Pitsea gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of one hundred years to run then this decrease may be of little impact that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Pitsea will meet the qualifying criteria; that being said a lawyer will be able to advise 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.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
The conveyancers that we work with undertake Pitsea 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 conveyancer we work with provide it.
In the wake of 6 months of lengthy discussions with the landlord of her two bedroom flat in Pitsea, Phoebe initiated the lease extension process as the 80 year mark was fast coming. The legal work was finalised in April 2012. The freeholder’s costs were kept to an absolute minimum.
In 2014 we were contacted by Mrs Y Bonnet who, having owned a garden apartment in Pitsea in November 2009. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Similar flats in Pitsea with 100 year plus lease were valued about £208,600. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease ended in 2083. Having 57 years outstanding we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 plus professional charges.
Last July we were contacted by Mr and Mrs. K Khan , who was assigned a lease of a studio apartment in Pitsea in January 2009. The question was if we could approximate the price would be for a 90 year lease extension. Comparable flats in Pitsea with 100 year plus lease were in the region of £200,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease elapsed on 12 October 2103. Taking into account 77 years left we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.