Main reasons to commence your Grays lease extension

Main reasons to commence your Grays lease extension today:

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

When it comes to domestic leasehold premises in Grays, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly once there are fewer than eighty years remaining. Residents in Grays with a lease drawing near to 81 years left should seriously think of extending it without delay. Once the lease term has under 80 years outstanding, under the current Act the freeholder is entitled to calculate and demand a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

Leasehold residencies in Grays with over 100 years left on the lease are sometimes 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 reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Lenders will not lend on short residential leases. You are likely to encounter problems if you need to sell your flat in Grays if the remaining lease term is less than the criteria set by most banks and building societies. Different mortgage companies have varying criteria but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Grays lease extensions?

Lease extensions in Grays can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Grays lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Grays Lease Extension Case Summaries:

Ellen, Grays, Essex,

Following unsuccessful correspondence with the landlord of her first floor apartment in Grays, Ellen started the lease extension process as the eighty year deadline was fast coming. The transaction completed in March 2012. The freeholder’s fees were negotiated to approximately 700 pounds.

Grays case:

Last May we were e-mailed by Mrs M Williams , who owned a one bedroom apartment in Grays in July 2001. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Comparative properties in Grays with 100 year plus lease were valued around £280,000. The average amount of ground rent was £55 billed annually. The lease ran out on 18 October 2104. Taking into account 78 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.