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 domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond 125 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending sooner rather than later. The majority of flat owners in Mersea Island will qualify for this right; however a lawyer can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold premises in Mersea Island with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lenders will not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Mersea Island with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the amount of potential buyers.

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 experience and the close ties they enjoy with Mersea Island valuers.

Mersea Island Lease Extension Example Cases:

Lydia, Mersea Island, Essex,

Subsequent to unsuccessful correspondence with the freeholder of her garden apartment in Mersea Island, Lydia initiated the lease extension process as the eighty year deadline was swiftly coming. The legal work completed in January 2007. The freeholder’s fees were kept to an absolute minimum.

Mersea Island case:

In 2011 we were phoned by Dr Mason Lewis who, having purchased a one bedroom apartment in Mersea Island in May 2011. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparable homes in Mersea Island with 100 year plus lease were valued about £183,600. The average ground rent payable was £65 invoiced annually. The lease ended in 2083. Considering the 57 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including fees.

Mersea Island case:

In 2013 we were approached by Ms Aimee Bennett who, having acquired a first floor flat in Mersea Island in October 2000. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Similar flats in Mersea Island with an extended lease were valued around £245,000. The mid-range amount of ground rent was £50 collected per annum. The lease termination date was on 3 November 2094. Given that there were 68 years outstanding we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.