Why you should start your Chadwell St Mary lease extension

Why you should commence your Chadwell St Mary lease extension today:

A Chadwell St Mary leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Chadwell St Mary you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Chadwell St Mary with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic once you come to sell or remortgage your flat as it will be practically unmortgageable. Even though you might not have an immediate plan to sell but when you do your buyer will need to wait 2 years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Chadwell St Mary?

Retaining our service will provide you better control over the value of your Chadwell St Mary leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chadwell St Mary Lease Extension Example Cases:

Austin, Chadwell St Mary, Essex,

Austin owned a studio flat in Chadwell St Mary on the market with a lease of a little over 59 years remaining. Austin on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Austin to exercise his statutory right. Austin obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Chadwell St Mary case:

Last Winter we were e-mailed by Mr and Mrs. N Richardson , who moved into a one bedroom apartment in Chadwell St Mary in April 2011. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Identical residencies in Chadwell St Mary with an extended lease were valued about £246,800. The mid-range ground rent payable was £60 invoiced per annum. The lease concluded on 14 February 2076. Having 50 years outstanding we calculated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 not including expenses.

Chadwell St Mary case:

Last Christmas we were contacted by Ms V Lewis , who completed a one bedroom flat in Chadwell St Mary in June 2009. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparable premises in Chadwell St Mary with 100 year plus lease were worth £203,200. The mid-range amount of ground rent was £65 billed monthly. The lease finished on 5 April 2087. Considering the 61 years unexpired we calculated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 plus expenses.