Top reasons for Gants Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Gants Hill property value

Gants Hill leases on residential properties are gradually losing value. if your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Gants Hill will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is reasonable to assume that someone intending to acquire your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Gants Hill lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Gants Hill 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 conveyancing solicitor we work with provide it.

Gants Hill Lease Extension Case Studies:

Melissa, Gants Hill, Essex,

Trailing unsuccessful correspondence with the freeholder of her leasehold apartment in Gants Hill, Melissa commenced the lease extension process as the 80 year deadline was quickly approaching. The lease extension was finalised in September 2011. The freeholder’s charges were kept to an absolute minimum.

Gants Hill case:

In 2009 we were e-mailed by Dr Jason Bertrand who, having owned a ground floor apartment in Gants Hill in April 2010. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Identical homes in Gants Hill with 100 year plus lease were worth £240,600. The mid-range ground rent payable was £60 invoiced annually. The lease end date was in 2088. Taking into account 62 years remaining we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of fees.