Top reasons for Rayleigh lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Rayleigh. Inevitably, the length of lease remaining reduces as time goes by. This may pass 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 obtain a lease extension. Eligible leaseholders in Rayleigh have the legal entitlement to extend the lease for a further 90 years under legislation. You should give due attention before putting off your Rayleigh lease extension. Putting off that expense now only increases the price you will eventually have to pay for a lease extension

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Lenders will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties as and when you wish to sell or remortgage your flat as it will be practically unmortgageable. Even though you might have no imminent desire to sell but when you do your purchaser will need to wait a couple of years before they can commence the legal procedures for an extension to the lease.

Why use us for your lease extension in Rayleigh?

The lawyers that we work with procure Rayleigh 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 conveyancer we work with provide it.

Rayleigh Lease Extension Example Cases:

Charlotte, Rayleigh, Essex,

Trailing protracted discussions with the landlord of her garden apartment in Rayleigh, Charlotte initiated the lease extension process just as the lease was nearing the crucial eighty-year threshold. The transaction was finalised in September 2015. The freeholder’s fees were restricted to approximately 550 GBP.

Rayleigh case:

Mr and Mrs. V Vincent was assigned a lease of a studio flat in Rayleigh in May 2009. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative residencies in Rayleigh with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 billed annually. The lease ended on 13 January 2093. Considering the 67 years left we calculated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 plus professional charges.

Rayleigh case:

Last Autumn we were called by Dr U Scott , who moved into a first floor flat in Rayleigh in July 2002. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar residencies in Rayleigh with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £60 collected quarterly. The lease expired on 12 September 2082. Given that there were 56 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 not including expenses.