Top reasons for Canvey Island lease extension

Why you should start your Canvey Island lease extension today:

A Canvey Island leasehold property depreciates with the years remaining on the lease.

The market value of Canvey Island leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Canvey Island with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to loan monies on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Canvey Island property being difficult to dispose of or remortgage.

What makes us experts in Canvey Island lease extensions?

Lease extensions in Canvey Island can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in this area.

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 in-depth market knowledge procuring Canvey Island lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Canvey Island Lease Extension Example Cases:

Blake, Canvey Island, Essex

During the course of the last few months Blake, started to get close to the 80-year threshold with the lease on his studio flat in Canvey Island. Having purchased his property 19 years previously, the unexpired term was of little bearing. Fortunately, he became aware that he needed to take action soon on Extending the lease. Blake was able to extend his lease at the eleventh hour in April. Blake and the freeholder via the management company subsequently settled on sum of £6,000 . If the lease had slid below eighty years, the amount would have escalated by a minimum £1,050.

Canvey Island case:

In 2013 we were approached by Ms Stephanie Jones who, having acquired a studio flat in Canvey Island in April 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparative homes in Canvey Island with 100 year plus lease were valued around £233,200. The average ground rent payable was £60 collected per annum. The lease terminated in 2087. Considering the 61 years remaining we estimated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus expenses.

Canvey Island case:

Mr and Mrs. I Martinez owned a one bedroom apartment in Canvey Island in May 2008. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Identical residencies in Canvey Island with 100 year plus lease were in the region of £171,800. The mid-range amount of ground rent was £55 invoiced monthly. The lease termination date was in 2076. Considering the 50 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including professional charges.