Main reasons to commence your Laindon lease extension

Main reasons to start your Laindon lease extension today:

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

Laindon leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Laindon tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Laindon you should investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to loan monies on a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Laindon property becoming difficult to sell or remortgage.

Why use us for your lease extension in Laindon?

Using our service will provide you enhanced 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 decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Laindon Lease Extension Example Cases:

Niamh, Laindon, Essex,

Off the back of lengthy correspondence with the landlord of her studio flat in Laindon, Niamh initiated the lease extension process as the eighty year threshold was quickly coming. The lease extension was finalised in August 2013. The freeholder’s charges were kept to an absolute minimum.

Laindon case:

In 2010 we were contacted by Mr A Fournier who, having completed a one bedroom flat in Laindon in January 2010. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Similar premises in Laindon with 100 year plus lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected quarterly. The lease ended in 2091. Taking into account 65 years remaining we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus professional charges.

Laindon case:

In 2011 we were contacted by Ms U Petit who, having completed a purpose-built flat in Laindon in July 2003. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative flats in Laindon with an extended lease were valued around £275,000. The mid-range amount of ground rent was £55 invoiced annually. The lease termination date was on 7 July 2102. Having 76 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.