Top reasons for Mersea Island lease extension

Main reasons to start your Mersea Island lease extension today:

Increase your lease and increase your Mersea Island property value

As the the remaining lease term of a Mersea Island residential lease diminished so does its value and therefore the value of your property. If the residual term has, more than 100 years remaining then this decrease may be fractional however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in Mersea Island will qualify for this right; however a conveyancer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Mersea Island property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Mersea Island lease extensions?

Irrespective of whether you are a tenant or a landlord in Mersea Island,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Mersea Island valuers.

Mersea Island Lease Extension Case Summaries:

Lily, Mersea Island, Essex,

Trailing lengthy correspondence with the freeholder of her one bedroom apartment in Mersea Island, Lily commenced the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction completed in October 2013. The freeholder’s costs were kept to an absolute minimum.

Mersea Island case:

Last year we were approach by Ms E Martínez , who completed a basement flat in Mersea Island in May 2003. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Similar residencies in Mersea Island with an extended lease were worth £264,000. The average amount of ground rent was £60 invoiced monthly. The lease came to a finish in 2079. Considering the 53 years left we approximated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 not including expenses.

Mersea Island case:

Last Winter we were approach by Ms V Rivera , who purchased a basement flat in Mersea Island in April 1995. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparable premises in Mersea Island with an extended lease were worth £225,400. The average ground rent payable was £45 billed annually. The lease termination date was on 6 February 2090. Taking into account 64 years left we calculated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 plus expenses.