Main reasons to start your Billericay lease extension

Main reasons to commence your Billericay lease extension today:

A Billericay leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Billericay have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. Do think carefully before delaying your Billericay lease extension. Postponing that expense now simply escalates the premium you will ultimately be required to pay to extend the lease.

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties when you need to sell or refinance your property as it will be effectively unmortgageable. You might not have an immediate intention to sell but when you do your purchaser must wait two years before being able to commence the legal procedures for a lease extension.

Why use us for your lease extension in Billericay?

Lease extensions in Billericay can be a difficult process. We recommend you get professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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 Billericay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Billericay Lease Extension Case Studies:

Jodie, Billericay, Essex,

Off the back of lengthy negotiations with the freeholder of her leasehold flat in Billericay, Jodie started the lease extension process as the 80 year threshold was quickly nearing. The legal work was concluded in May 2014. The landlord’s costs were negotiated to slightly above 550 GBP.

Billericay case:

Dr R Cook acquired a one bedroom apartment in Billericay in November 2007. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Identical residencies in Billericay with an extended lease were valued about £270,000. The average ground rent payable was £55 billed quarterly. The lease concluded in 2101. Having 75 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.

Billericay case:

Mr and Mrs. C Bonnet took over the lease of a first floor apartment in Billericay in March 1996. The dilemma was if we could estimate the premium could be to extend the lease by ninety years. Comparative flats in Billericay with 100 year plus lease were worth £173,800. The average amount of ground rent was £60 billed monthly. The lease ran out in 2081. Considering the 55 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including fees.