Top reasons for Clayhall lease extension

Main reasons to commence your Clayhall lease extension today:

Increase your lease and increase your Clayhall property value

It’s an underpublicised truth that a Clayhall residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Clayhall property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher amount will be payable. Most leasehold owners in Clayhall will be able to extend under the legislation; however a conveyancer will be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your lawyer throughout the formalities.

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

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

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

Banks and Building Societies have specific criteria when loaning funds secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term falls below a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below 75 years suitable security. As well as impacting your ability to sell, it is also relevant if you are wanting to refinance your Clayhall home.

What makes us experts in Clayhall lease extensions?

Lease extensions in Clayhall can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 Clayhall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Clayhall Lease Extension Example Cases:

Aarav, Clayhall, Essex

During the course of the last few months Aarav, started to get close to the 80-year mark with the lease on his basement apartment in Clayhall. Having purchased his flat 18 years previously, the unexpired term was of little concern. Thankfully, it dawned on him that he would soon be paying way over the odds for a lease extension. Aarav was able to extend his lease at the eleventh hour last January. Aarav and the freeholder eventually settled on a premium of £5,500 . If the lease had gone lower than 80 years, the sum would have become more costly by at least £1,075.

Clayhall case:

Last Winter we were called by Dr U Hernández , who completed a studio flat in Clayhall in November 1998. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical homes in Clayhall with a long lease were in the region of £275,000. The mid-range ground rent payable was £65 collected quarterly. The lease lapsed on 21 February 2094. Taking into account 68 years left we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus legals.