Pitsea Lease Extension - Free Consultation

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Why you should start your Pitsea lease extension


Main reasons to commence your Pitsea lease extension today:

Increase your lease and increase your Pitsea property value

The market value of a leasehold property in Pitsea is impacted by how many years the lease has left to run. If it is near to or fewer than 80 years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension prior to purchasing. It is preferable to start the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be concluded well before the 80 year mark. Current legislation enables Pitsea qualifying lessees to acquire a lease extension of 90 years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Pitsea with over 100 years left on the lease are often regarded as a ‘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 upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to loan monies with a short lease

Almost all mortgage lenders require a lengthy amount of time left on a leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to buy your property in the future might well do, so where they can't secure a mortgage, then the value of your property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

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.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Pitsea?

Regardless of whether you are a tenant or a landlord in Pitsea,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Pitsea valuers.

Pitsea Lease Extension Example Cases:

Catherine, Pitsea, Essex,

Following protracted correspondence with the freeholder of her purpose-built flat in Pitsea, Catherine commenced the lease extension process just as the lease was coming close to the critical eighty-year deadline. The legal work completed in October 2013. The freeholder’s charges were restricted to about six hundred pounds.

Pitsea case:

Mr and Mrs. G Rivera took over the lease of a one bedroom apartment in Pitsea in November 2003. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Similar flats in Pitsea with a long lease were valued about £166,800. The average ground rent payable was £50 billed annually. The lease came to a finish on 21 May 2074. Taking into account 50 years remaining we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus professional charges.

Pitsea case:

Dr J Hernández moved into a garden apartment in Pitsea in May 1999. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative residencies in Pitsea with an extended lease were in the region of £280,000. The average amount of ground rent was £45 collected annually. The lease terminated in 2094. Taking into account 70 years outstanding we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.