Why you should commence your Ingatestone lease extension

Why you should start your Ingatestone lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Ingatestone may extend the lease for a further ninety years under statute. Do think carefully before delaying your Ingatestone lease extension. Shelving the costs now simply escalates the price you will eventually be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not lend with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable security.

Why use us for your lease extension in Ingatestone?

Irrespective of whether you are a tenant or a landlord in Ingatestone,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ingatestone valuers.

Ingatestone Lease Extension Example Cases:

Harry, Ingatestone, Essex,

Harry was the the leasehold owner of a studio apartment in Ingatestone on the market with a lease of a few days over 61 years outstanding. Harry informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry procured expert legal guidance and secured satisfactory resolution informally and sell the flat.

Ingatestone case:

In 2013 we were contacted by Dr Noah Cooper who, having was assigned a lease of a first floor flat in Ingatestone in May 1996. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Comparable homes in Ingatestone with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 billed per annum. The lease expired in 2104. Given that there were 78 years remaining we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.

Ingatestone case:

Last month we were phoned by Mr and Mrs. K Hernández , who acquired a first floor flat in Ingatestone in November 2002. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative homes in Ingatestone with 100 year plus lease were in the region of £186,000. The mid-range ground rent payable was £65 collected quarterly. The lease terminated on 26 March 2084. Given that there were 58 years unexpired we estimated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 not including costs.