Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Rayleigh. Clearly, the term of lease left reduces over time. This may slip by relatively unnoticed when the property has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Rayleigh have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. You should give careful deliberation before putting off your Rayleigh lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease
Leasehold residencies in Rayleigh with more than 100 years unexpired 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Rayleigh can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Rayleigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Isaac, came critically near to the 80-year mark with the lease on his studio flat in Rayleigh. Having bought his home 18 years previously, the unexpired term was of minimal bearing. by good luck, he became aware that he needed to take steps soon on a lease extension. Isaac was able to extend his lease at the eleventh hour in August. Isaac and the freeholder eventually agreed on the final figure of £6,000 . If he had missed the deadline, the amount would have gone up by at least £1,150.
Dr K Evans took over the lease of a studio flat in Rayleigh in August 1999. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical premises in Rayleigh with a long lease were valued around £285,000. The mid-range ground rent payable was £45 billed every twelve months. The lease expired in 2097. Having 71 years as a residual term we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.
In 2012 we were called by Dr Kirsty Jackson who, having purchased a recently refurbished apartment in Rayleigh in July 2007. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable residencies in Rayleigh with a long lease were worth £230,800. The mid-range amount of ground rent was £60 collected yearly. The lease lapsed in 2086. Given that there were 60 years remaining we approximated the premium to the landlord to extend the lease to be between £24,700 and £28,600 exclusive of costs.