Canvey Island Lease Extension - Free Consultation

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Before you progress with your lease extension in Canvey Island
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to commence your Canvey Island lease extension

Main reasons to commence your Canvey Island lease extension today:

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

On the balance of probabilities if you own a flat in Canvey Island you actually own a long leasehold interest over your property

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

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As a number of flats in Canvey Island were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

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

The lawyers that we work with procure 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 lawyer we work with provide it.

Canvey Island Lease Extension Example Cases:

Rachael, Canvey Island, Essex,

Subsequent to protracted negotiations with the freeholder of her purpose-built apartment in Canvey Island, Rachael commenced the lease extension process as the 80 year threshold was quickly advancing. The lease extension completed in April 2014. The freeholder’s charges were kept to an absolute minimum.

Canvey Island case:

In 2014 we were approached by Mr and Mrs. O Collins who, having bought a garden apartment in Canvey Island in June 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Similar premises in Canvey Island with a long lease were valued about £205,000. The average ground rent payable was £50 collected annually. The lease lapsed in 2103. Taking into account 78 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.

Canvey Island case:

Mr and Mrs. V Gómez took over the lease of a first floor apartment in Canvey Island in August 1997. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Comparative premises in Canvey Island with an extended lease were valued about £267,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease lapsed in 2092. Considering the 67 years remaining we estimated the premium to the landlord for the lease extension to be within £14,300 and £16,400 exclusive of expenses.