Top reasons for Clayhall lease extension

Top reasons for lease extension now:

A Clayhall lease depreciates with the years remaining on the lease.

The market value of Clayhall leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

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

Leasehold premises in Clayhall with in excess of 100 years unexpired 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 warrant it.

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

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider lending on it. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they can't get a mortgage, then the market price of your property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Clayhall?

Irrespective of whether you are a tenant or a freeholder in Clayhall,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Clayhall valuers.

Clayhall Lease Extension Case Summaries:

Ali, Clayhall, Essex

During the course of the last few months Ali, came seriously near to the eighty-year threshold with the lease on his first floor flat in Clayhall. Having bought his property 18 years previously, the unexpired term was of minimal importance. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Ali arranged for a lease extension at the eleventh hour last April. Ali and the landlord in the end agreed on a premium of £5,500 . If the lease had slipped below 80 years, the price would have escalated by a minimum £1,150.

Clayhall case:

Last Autumn we were contacted by Mr and Mrs. M Allen , who owned a first floor flat in Clayhall in October 1996. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparable residencies in Clayhall with a long lease were valued around £184,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease finished on 9 March 2079. Given that there were 53 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 not including expenses.