Top reasons for Canvey Island lease extension

Main reasons to commence your Canvey Island lease extension today:

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

Canvey Island leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Canvey Island residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Canvey Island you must check if your lease has between seventy and ninety years left. There are good reasons why a Canvey Island leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is actioned without delay

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not loan monies on a short lease

Lending institutions have set criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once the residual lease term goes below a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Canvey Island property.

Why use us for your lease extension in Canvey Island?

Engaging our service will provide you enhanced control over the value of your Canvey Island leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Canvey Island Lease Extension Case Studies:

Chelsea, Canvey Island, Essex,

After protracted negotiations with the freeholder of her ground floor apartment in Canvey Island, Chelsea commenced the lease extension process as the eighty year mark was quickly approaching. The lease extension completed in September 2006. The freeholder’s charges were kept to an absolute minimum.

Canvey Island case:

In 2010 we were e-mailed by Mr Isaac Hill who, having was assigned a lease of a ground floor flat in Canvey Island in July 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparable flats in Canvey Island with 100 year plus lease were in the region of £300,000. The mid-range ground rent payable was £50 billed every twelve months. The lease finished on 11 March 2102. Considering the 76 years outstanding 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:

Last Summer we were phoned by Mr Matthew Ali , who took over the lease of a one bedroom flat in Canvey Island in April 2005. The question was if we could approximate the premium could be for a ninety year lease extension. Similar properties in Canvey Island with an extended lease were valued about £257,800. The average ground rent payable was £65 billed annually. The lease lapsed in 2091. Given that there were 65 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of costs.