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Main reasons to commence your Leigh On Sea lease extension

Main reasons to commence your Leigh On Sea lease extension today:

A Leigh On Sea leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Leigh On Sea you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Leigh On Sea with over one hundred years left on the lease are often regarded as a ‘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 purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not grant a mortgage on a short lease

Lending institutions are less likely to grant a loan offer on a residential flat in Leigh On Sea with a short lease. Many lenders simply refuse a mortgage on leases with under 75 years left.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Leigh On Sea lease extensions?

The lawyers that we work with undertake Leigh On Sea 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.

Leigh On Sea Lease Extension Example Cases:

Sophia, Leigh On Sea, Essex,

Subsequent to unsuccessful discussions with the landlord of her leasehold apartment in Leigh On Sea, Sophia initiated the lease extension process just as the lease was nearing the all-important eighty-year threshold. The transaction was finalised in January 2010. The freeholder’s fees were negotiated to below 700 pounds.

Leigh On Sea case:

Mrs E González purchased a one bedroom flat in Leigh On Sea in January 2008. The question was if we could approximate the premium would likely be for a 90 year lease extension. Identical properties in Leigh On Sea with an extended lease were worth £256,600. The mid-range amount of ground rent was £60 billed monthly. The lease came to a finish on 24 January 2077. Given that there were 52 years remaining we approximated the compensation to the freeholder to extend the lease to be within £41,800 and £48,400 exclusive of professional charges.

Leigh On Sea case:

Last year we were e-mailed by Mr and Mrs. H Peterson , who acquired a garden apartment in Leigh On Sea in November 1997. The question was if we could approximate the price would be for a 90 year lease extension. Similar premises in Leigh On Sea with a long lease were valued about £218,000. The average ground rent payable was £45 invoiced monthly. The lease lapsed in 2088. Taking into account 63 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 not including expenses.