Why you should start your Laindon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Laindon property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Laindon may extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Laindon lease extension. Putting off the costs now simply escalates the amount you will eventually be required to pay to extend the lease.

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

Leasehold premises in Laindon with in excess of 100 years outstanding 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not grant a mortgage on a short lease

Most high street banks are tightening their criteria and many now expect flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Given that a number of flats in Laindon were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Laindon lease extensions?

The conveyancers that we work with procure Laindon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Laindon Lease Extension Case Summaries:

Daniel, Laindon, Essex

In recent months Daniel, came critically near to the eighty-year threshold with the lease on his ground floor apartment in Laindon. Having bought his home two decades ago, the lease term was of no importance. As luck would have it, he noticed he needed to take action soon on a lease extension. Daniel was able to extend his lease just under the wire in June. Daniel and the landlord ultimately agreed on an amount of £5,500 . If the lease had dipped below eighty years, the premium would have gone up by at least £1,100.

Laindon case:

Last January we were e-mailed by Mr and Mrs. C Collins , who moved into a garden flat in Laindon in August 2005. The dilemma was if we could estimate the price could be to extend the lease by an additional years. Similar homes in Laindon with a long lease were valued about £264,000. The average ground rent payable was £60 collected every twelve months. The lease elapsed in 2079. Given that there were 53 years remaining we calculated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of expenses.

Laindon case:

Last Winter we were called by Mrs Kate Wilson , who took over the lease of a one bedroom flat in Laindon in February 2005. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Identical homes in Laindon with an extended lease were valued around £225,400. The mid-range ground rent payable was £45 collected every twelve months. The lease expired in 2090. Taking into account 64 years outstanding we calculated the premium to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of costs.