Why you should start your Laindon lease extension

Why you should commence your Laindon lease extension today:

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

The only way is down when it comes to Laindon lease terms. Laindon properties that have a remaining term shorter than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will go up.

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

Leasehold properties in Laindon with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not grant a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. Given that a number of flats in Laindon were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Laindon?

Engaging our service will provide you increased control over the value of your Laindon leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Laindon Lease Extension Case Summaries:

Poppy, Laindon, Essex,

In the wake of 6 months of protracted discussions with the landlord of her first floor flat in Laindon, Poppy started the lease extension process as the eighty year deadline was swiftly advancing. The transaction was finalised in March 2009. The freeholder’s costs were negotiated to less than 650 pounds.

Laindon case:

In 2014 we were phoned by Mr Milo González who, having acquired a garden apartment in Laindon in April 2007. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable premises in Laindon with a long lease were worth £183,600. The mid-range amount of ground rent was £65 billed annually. The lease came to a finish in 2083. Taking into account 57 years outstanding we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus professional charges.

Laindon case:

Mr Oscar Carter completed a purpose-built apartment in Laindon in July 2010. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparable residencies in Laindon with an extended lease were worth £245,000. The mid-range amount of ground rent was £50 billed per annum. The lease came to a finish on 9 January 2094. Considering the 68 years remaining we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.