Why you should start your Pitsea lease extension

Main reasons to start your Pitsea lease extension today:

Increase your lease and increase your Pitsea property value

The only way is down when it comes to Pitsea lease terms. Pitsea properties that have a lease term lower than eighty years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to homes in Pitsea with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

What makes us experts in Pitsea lease extensions?

Lease extensions in Pitsea can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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.

Pitsea Lease Extension Case Studies:

Tia, Pitsea, Essex,

In the wake of eight months of protracted discussions with the landlord of her studio apartment in Pitsea, Tia initiated the lease extension process as the eighty year threshold was swiftly advancing. The transaction completed in August 2006. The freeholder’s costs were kept to an absolute minimum.

Pitsea case:

Last Winter we were e-mailed by Dr Thomas Morgan , who completed a ground floor flat in Pitsea in February 2010. The question was if we could approximate the price could be to prolong the lease by 90 years. Comparative premises in Pitsea with a long lease were worth £257,800. The mid-range amount of ground rent was £65 invoiced monthly. The lease elapsed on 12 March 2091. Given that there were 65 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including fees.

Pitsea case:

In 2013 we were phoned by Dr Jake Taylor who, having purchased a ground floor apartment in Pitsea in February 2002. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar properties in Pitsea with a long lease were valued around £191,400. The average amount of ground rent was £55 billed monthly. The lease concluded on 17 April 2080. Having 54 years left we estimated the premium to the landlord to extend the lease to be within £34,200 and £39,600 plus expenses.