Billericay Lease Extension - Free Consultation

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Top reasons for Billericay lease extension


Top reasons for lease extension now:

Increase your lease and increase your Billericay property value

The value of Billericay 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 increase significantly once the remaining term is below than eighty years

Billericay property with a lease extension is almost the same value as a freehold

Leasehold residencies in Billericay with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not lend on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you want to sell your flat in Billericay if the remaining lease term is under the criteria set by the majority of lenders. Different mortgage companies have different criteria but in the main they are looking for an unexpired term of at least 65 years.

Lender Requirement
Coventry Building Society 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.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

Get in touch with one of our Billericay lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Billericay leasehold, as your property will be more valuable and saleable in terms of 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.

Billericay Lease Extension Case Summaries:

Stanley, Billericay, Essex,

Stanley owned a studio flat in Billericay being sold with a lease of fraction over sixty years unexpired. Stanley on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Stanley to invoke his statutory right. Stanley procured expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Billericay case:

Mrs Rhiannon Turner moved into a first floor apartment in Billericay in July 2010. The question was if we could estimate the premium would be for a 90 year extension to my lease. Identical properties in Billericay with a long lease were valued about £191,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease expired in 2082. Taking into account 58 years outstanding we approximated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of professional charges.

Billericay case:

Ms O Flores completed a newly refurbished apartment in Billericay in September 2009. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparative residencies in Billericay with a long lease were in the region of £250,000. The average amount of ground rent was £50 collected per annum. The lease came to a finish on 22 July 2093. Considering the 69 years remaining we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.