Benfleet leases on domestic properties are gradually losing value. if your lease has about ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the current lease dips below 80 years - otherwise a higher amount will be due. Leasehold owners in Benfleet will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Benfleet can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 procuring Benfleet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dylan was the the leasehold owner of a 2 bedroom flat in Benfleet being sold with a lease of a few days over fifty eight years remaining. Dylan on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Dylan to invoke his statutory right. Dylan obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.
In 2011 we were e-mailed by Mr Gabriel Young who, having purchased a studio flat in Benfleet in August 2003. The question was if we could approximate the premium could be for a ninety year extension to my lease. Identical residencies in Benfleet with a long lease were valued about £215,600. The mid-range ground rent payable was £45 invoiced quarterly. The lease terminated on 24 June 2088. Having 62 years remaining we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of fees.
In 2013 we were e-mailed by Mr and Mrs. B Anderson who, having completed a ground floor apartment in Benfleet in April 2006. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Identical homes in Benfleet with 100 year plus lease were in the region of £265,000. The mid-range amount of ground rent was £50 collected monthly. The lease elapsed in 2099. Given that there were 73 years remaining we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.