Canvey Island Lease Extension - Free Consultation

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Why you should commence your Canvey Island lease extension


Top reasons for lease extension now:

Increase your lease and increase your Canvey Island property value

Canvey Island leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Canvey Island will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In some situations you may not qualify. There are also strict timetables and steps to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 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 grant a mortgage with a short lease

Lending institutions are less likely to grant a mortgage on a residential property in Canvey Island with a short lease. Some lenders simply refuse a mortgage on leases with less than 75 years left.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Canvey Island?

Retaining our service gives you increased control over the value of your Canvey Island leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Canvey Island Lease Extension Case Studies:

Katherine, Canvey Island, Essex,

Subsequent to lengthy correspondence with the landlord of her basement apartment in Canvey Island, Katherine commenced the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The lease extension completed in February 2010. The landlord’s costs were restricted to a tad over 650 pounds.

Canvey Island case:

Mr and Mrs. S Davies completed a ground floor flat in Canvey Island in September 2006. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical premises in Canvey Island with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 billed quarterly. The lease expired in 2077. Considering the 54 years left we approximated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 not including costs.

Canvey Island case:

In 2010 we were e-mailed by Dr J Jackson who, having bought a first floor flat in Canvey Island in March 1996. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical homes in Canvey Island with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease elapsed on 22 May 2097. Taking into account 74 years left we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.