Top reasons for Epping lease extension

Top reasons for lease extension now:

A Epping leasehold property depreciates with the years remaining on the lease.

The nearer a domestic lease in Epping gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, over one hundred years to run then this decrease may be negligible however there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner rather than later. Many flat owners in Epping will meet the qualifying criteria; however a conveyancer should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Some will simply refuse lend at all once the residual lease term goes beneath a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years suitable security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Epping home.

Why use us for your lease extension in Epping?

The lawyers that we work with undertake Epping 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 conveyancer we work with provide it.

Epping Lease Extension Case Summaries:

Liam, Epping, Essex

In 2014 Liam, started to get near to the eighty-year threshold with the lease on his studio apartment in Epping. Having purchased his flat two decades ago, the unexpired term was of no importance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Liam extended the lease just under the wire in June. Liam and the landlord who owned the flat above eventually settled on sum of £6,000 . If he had missed the deadline, the amount would have increased by a minimum £1,000.

Epping case:

In 2013 we were called by Dr O Robinson who, having owned a ground floor apartment in Epping in September 1995. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Similar homes in Epping with a long lease were in the region of £208,200. The mid-range amount of ground rent was £65 billed monthly. The lease came to a finish on 10 March 2087. Given that there were 61 years remaining we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus costs.

Epping case:

In 2009 we were approached by Mr and Mrs. N Mercier who, having owned a first floor flat in Epping in July 1997. We are asked if we could approximate the price would be for a ninety year lease extension. Comparative residencies in Epping with a long lease were valued around £260,000. The mid-range ground rent payable was £50 billed per annum. The lease terminated in 2098. Having 72 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.