Top reasons for Canvey Island lease extension

Why you should start your Canvey Island lease extension today:

Increase your lease and increase your Canvey Island property value

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. The majority of owners of residential leasehold property in Canvey Island enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Canvey Island you should investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may not issue a mortgage on a short lease

Lenders are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering a number of flats in Canvey Island were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Canvey Island?

Lease extensions in Canvey Island can be a difficult process. We recommend you secure 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 a wealth of experience dealing with 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:

Robyn, Canvey Island, Essex,

Subsequent to unsuccessful negotiations with the landlord of her purpose-built apartment in Canvey Island, Robyn started the lease extension process just as her lease was nearing the all-important 80-year mark. The lease extension was finalised in January 2006. The landlord’s costs were kept to an absolute minimum.

Canvey Island case:

Last Summer we were phoned by Mr and Mrs. O Díaz , who owned a one bedroom apartment in Canvey Island in May 2011. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Comparative homes in Canvey Island with an extended lease were valued about £189,000. The average amount of ground rent was £55 billed monthly. The lease ran out in 2079. Having 53 years unexpired we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus costs.

Canvey Island case:

Mr and Mrs. S Howard bought a ground floor apartment in Canvey Island in June 1998. The question was if we could approximate the premium could be for a ninety year lease extension. Identical flats in Canvey Island with a long lease were in the region of £290,000. The average amount of ground rent was £45 collected every twelve months. The lease elapsed in 2099. Considering the 73 years outstanding we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.