Clayhall Lease Extension - Free Consultation

Get a Quote

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

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Clayhall lease extension

Main reasons to commence your Clayhall lease extension today:

Increase your lease and increase your Clayhall property value

The value of Clayhall leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is below than 80 years

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

Leasehold premises in Clayhall with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lending institutions may decide not to lend with a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold property. Some will simply refrain from lending at all once the remaining lease term goes lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to refinance your Clayhall property.

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea 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.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Clayhall lease extensions?

The conveyancers that we work with procure Clayhall 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.

Clayhall Lease Extension Example Cases:

Lucy, Clayhall, Essex,

Trailing protracted correspondence with the freeholder of her studio apartment in Clayhall, Lucy commenced the lease extension process just as the lease was approaching the all-important 80-year deadline. The legal work completed in February 2010. The freeholder’s charges were kept to an absolute minimum.

Clayhall case:

Last month we were phoned by Mr and Mrs. L Hernández , who owned a purpose-built flat in Clayhall in January 2004. The question was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparable properties in Clayhall with 100 year plus lease were worth £216,000. The mid-range ground rent payable was £60 invoiced quarterly. The lease concluded on 8 November 2083. Considering the 58 years unexpired we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus legals.

Decision in Redbridge

An example of a Freehold Enfranchisement decision for a Clayhall property is 59 & 59a Clarendon Gardens in February 2014. The Tribunals valuation for the freehold was £30,073.00 The remaining number of years on the lease was 65 and 61.