Main reasons to commence your East Grinstead lease extension

Why you should commence your East Grinstead lease extension today:

Increase your lease and increase your East Grinstead property value

East Grinstead leases on domestic deteriorating in value. if your lease has about 90 years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the current lease dips below eighty years - otherwise a higher amount will be due. Leasehold owners in East Grinstead will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some cases you may not be entitled. There are also strict deadlines and formalities to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend with a short lease

The trend since the credit crunch has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically banks would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in East Grinstead lease extensions?

Lease extensions in East Grinstead can be a difficult process. We recommend you obtain guidance 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 East Grinstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Grinstead Lease Extension Example Cases:

Felix, East Grinstead, West Sussex

Twenty four months ago Felix, came precariously near to the eighty-year mark with the lease on his leasehold flat in East Grinstead. Having purchased his home two decades ago, the unexpired term was of minimal importance. Luckily, he realised he needed to take steps soon on a lease extension. Felix extended the lease just ahead of time last September. Felix and the landlord who owned the flat above in the end settled on a premium of £5,500 . If he not met the deadline, the sum would have escalated by at least £1,050.

East Grinstead case:

Last month we were approach by Dr A Morel , who owned a one bedroom flat in East Grinstead in November 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in East Grinstead with a long lease were in the region of £210,600. The mid-range amount of ground rent was £45 collected monthly. The lease end date was in 2088. Taking into account 62 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 exclusive of legals.

East Grinstead case:

In 2011 we were e-mailed by Mr and Mrs. Y Moore who, having acquired a ground floor apartment in East Grinstead in November 2005. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar properties in East Grinstead with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease terminated in 2099. Given that there were 73 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.