Main reasons to start your South Woodham Ferrers lease extension

Why you should commence your South Woodham Ferrers lease extension today:

A South Woodham Ferrers lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in South Woodham Ferrers you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in South Woodham Ferrers with more than 100 years outstanding 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 situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders will not loan monies on a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term goes beneath a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to remortgage your South Woodham Ferrers property.

Why use us for your lease extension in South Woodham Ferrers?

The conveyancing solicitors that we work with handle South Woodham Ferrers 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 lawyer we work with provide it.

South Woodham Ferrers Lease Extension Example Cases:

Alicia, South Woodham Ferrers, Essex,

After unsuccessful correspondence with the freeholder of her one bedroom flat in South Woodham Ferrers, Alicia commenced the lease extension process as the eighty year deadline was quickly coming. The transaction completed in August 2007. The freeholder’s costs were kept to an absolute minimum.

South Woodham Ferrers case:

In 2013 we were phoned by Mr Charlie Sharif who, having was assigned a lease of a one bedroom flat in South Woodham Ferrers in May 2011. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar homes in South Woodham Ferrers with a long lease were worth £250,000. The average amount of ground rent was £50 billed monthly. The lease ended in 2095. Considering the 69 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.

South Woodham Ferrers case:

Dr Thomas Thomas acquired a ground floor flat in South Woodham Ferrers in August 2009. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical homes in South Woodham Ferrers with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £60 collected yearly. The lease elapsed on 3 November 2106. Given that there were 80 years remaining we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including professional charges.