Why you should commence your Kelvedon lease extension

Why you should start your Kelvedon lease extension today:

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

Kelvedon residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have at least sixty if not seventy years left at the end of the mortgage. Considering plenty of flats in Kelvedon were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Kelvedon?

Lease extensions in Kelvedon can be a difficult process. We recommend you procure 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 in-depth market knowledge procuring Kelvedon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kelvedon Lease Extension Example Cases:

Amelia, Kelvedon, Essex,

Subsequent to unsuccessful correspondence with the landlord of her ground floor apartment in Kelvedon, Amelia commenced the lease extension process just as her lease was coming close to the critical 80-year mark. The legal work completed in January 2012. The freeholder’s fees were kept to an absolute minimum.

Kelvedon case:

Last month we were e-mailed by Dr Tia Baker , who was assigned a lease of a studio apartment in Kelvedon in August 2005. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparative premises in Kelvedon with an extended lease were valued about £176,200. The average ground rent payable was £65 collected every twelve months. The lease ended in 2082. Considering the 56 years unexpired we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 not including expenses.

Kelvedon case:

In 2014 we were approached by Mr and Mrs. J Ricardo who, having purchased a garden apartment in Kelvedon in May 2002. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Identical flats in Kelvedon with a long lease were valued about £242,600. The mid-range amount of ground rent was £45 collected every twelve months. The lease end date was on 15 October 2093. Considering the 67 years remaining we approximated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of fees.