Main reasons to commence your Canvey Island lease extension

Top reasons for lease extension now:

Increase your lease and increase your Canvey Island property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Canvey Island may extend the lease for an additional 90 years under legislation. Do think carefully before delaying your Canvey Island lease extension. Putting off that expense today simply escalates the amount you will ultimately have to pay to extend the lease.

Canvey Island property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may not loan monies on a short lease

Most mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be aware that it is probable that someone wanting to purchase your property in the future might well do, so if they can't secure a mortgage, then the market price of your property will likely suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Canvey Island lease extensions?

The conveyancing solicitors that we work with handle Canvey Island lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Canvey Island Lease Extension Case Studies:

Adam, Canvey Island, Essex

Half a year ago Adam, started to get near to the eighty-year threshold with the lease on his one bedroom flat in Canvey Island. In buying his home 18 years ago, the lease term was of no relevance. Luckily, he became aware that he needed to take steps soon on a lease extension. Adam was able to extend his lease just in the nick of time last July. Adam and the landlord eventually agreed on an amount of £5,000 . If he had missed the deadline, the price would have gone up by a minimum £1,000.

Canvey Island case:

In 2011 we were e-mailed by Dr Edward Wright who, having was assigned a lease of a one bedroom flat in Canvey Island in September 2005. The question was if we could estimate the premium could be for a ninety year lease extension. Similar flats in Canvey Island with an extended lease were in the region of £257,800. The average amount of ground rent was £65 billed every twelve months. The lease lapsed in 2091. Considering the 65 years left we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 plus expenses.

Canvey Island case:

Mr G Brooks acquired a garden apartment in Canvey Island in May 1996. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar premises in Canvey Island with an extended lease were worth £191,400. The average ground rent payable was £55 collected quarterly. The lease elapsed in 2080. Having 54 years left we estimated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 plus costs.