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Main reasons to commence your Southend On Sea lease extension

Main reasons to commence your Southend On Sea lease extension today:

Increase your lease and increase your Southend On Sea property value

The value of Southend On Sea leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is below than 80 years

Southend On Sea property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Southend On Sea with in excess of one hundred 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 situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to finance a property with a short lease

Mortgage companies are really restricting their approach as regards to properties in Southend On Sea with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.

What makes us experts in Southend On Sea lease extensions?

Using our service will provide you increased control over the value of your Southend On Sea leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Southend On Sea Lease Extension Example Cases:

Rachel, Southend On Sea, Essex,

Following unsuccessful negotiations with the landlord of her garden flat in Southend On Sea, Rachel started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The legal work was concluded in November 2013. The landlord’s costs were negotiated to about 500 GBP.

Southend On Sea case:

Mrs Hollie Ricardo owned a purpose-built flat in Southend On Sea in July 1999. The question was if we could approximate the premium could be to extend the lease by an additional years. Identical flats in Southend On Sea with a long lease were worth £181,600. The mid-range amount of ground rent was £55 collected per annum. The lease came to a finish on 26 June 2077. Taking into account 52 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of professional charges.

Southend On Sea case:

Mr and Mrs. B Petit purchased a one bedroom flat in Southend On Sea in May 1998. We are asked if we could estimate the price could be to extend the lease by 90 years. Similar homes in Southend On Sea with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 invoiced every twelve months. The lease concluded in 2097. Considering the 72 years remaining we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including professional charges.