Top reasons for Harwich lease extension

Main reasons to commence your Harwich lease extension today:

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

On the balance of probabilities where you own a flat in Harwich you actually own a long leasehold interest over your property

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

Leasehold premises in Harwich with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions will not loan monies with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. As a number of flats in Harwich were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Harwich?

Lease extensions in Harwich can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in lease extensions.

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 procuring Harwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harwich Lease Extension Case Summaries:

Lucy, Harwich, Essex,

Subsequent to protracted discussions with the landlord of her one bedroom flat in Harwich, Lucy commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The lease extension was finalised in June 2013. The landlord’s costs were kept to an absolute minimum.

Harwich case:

Last month we were called by Dr William Phillips , who bought a basement flat in Harwich in November 2010. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Similar properties in Harwich with a long lease were worth £218,000. The average amount of ground rent was £45 collected every twelve months. The lease came to a finish on 28 November 2089. Taking into account 63 years left we approximated the premium to the landlord to extend the lease to be between £17,100 and £19,800 plus expenses.

Harwich case:

Mr Ali Vincent acquired a first floor apartment in Harwich in October 2009. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparative residencies in Harwich with an extended lease were valued around £265,000. The average amount of ground rent was £50 invoiced per annum. The lease finished in 2100. Considering the 74 years left we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.