Main reasons to start your Witham lease extension

Top reasons for lease extension now:

A Witham lease depreciates with the years remaining on the lease.

Witham leases on residential properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Witham will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and formalities to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not loan monies with a short lease

Lending institutions have set criteria when loaning monies charged on leasehold property. Some will simply refuse lend at all once the remaining lease term falls under a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Witham home.

Why use us for your lease extension in Witham?

Engaging our service gives you enhanced control over the value of your Witham leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Witham Lease Extension Case Summaries:

Seth, Witham, Essex

During the course of the last few months Seth, came seriously close to the 80-year mark with the lease on his two bedroom apartment in Witham. Having purchased his home two decades ago, the length of the lease was of no concern. Fortunately, he noticed he would imminently be paying an escalated premium for a lease extension. Seth was able to extend his lease just in the nick of time in July. Seth and the freeholder eventually settled on the final figure of £6,000 . If the lease had slid to less than eighty years, the price would have become more exhorbitant by a minimum £975.

Witham case:

Last Autumn we were contacted by Ms Shannon Murphy , who completed a one bedroom flat in Witham in October 1995. The question was if we could estimate the price would likely be to extend the lease by 90 years. Similar premises in Witham with 100 year plus lease were in the region of £210,600. The average amount of ground rent was £45 collected every twelve months. The lease expiry date was in 2088. Having 62 years left we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of expenses.

Witham case:

In 2010 we were called by Mr and Mrs. O Moore who, having took over the lease of a basement flat in Witham in June 2004. The dilemma was if we could approximate the price could be for a ninety year lease extension. Similar properties in Witham with an extended lease were valued about £265,000. The average ground rent payable was £50 collected quarterly. The lease ran out in 2099. Considering the 73 years outstanding we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.