Main reasons to start your Rochford lease extension

Top reasons for lease extension now:

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

The value of Rochford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

Lending institutions have set criteria when lending monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops below a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant if you are wanting to refinance your Rochford home.

Why use us for your lease extension in Rochford?

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

Rochford Lease Extension Example Cases:

Joseph, Rochford, Essex,

Joseph owned a high value flat in Rochford on the market with a lease of fraction over 61 years remaining. Joseph on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joseph to exercise his statutory right. Joseph procured expert legal guidance and secured an acceptable resolution informally and sell the property.

Rochford case:

In 2009 we were phoned by Dr Zoe Petit who, having acquired a first floor flat in Rochford in February 2007. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparative properties in Rochford with 100 year plus lease were valued around £275,000. The average ground rent payable was £55 billed monthly. The lease expired on 27 May 2103. Considering the 77 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.

Rochford case:

Last Christmas we were approach by Ms L Mitchell , who acquired a ground floor apartment in Rochford in April 2008. 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. Comparable homes in Rochford with a long lease were in the region of £183,600. The average ground rent payable was £65 invoiced yearly. The lease concluded in 2083. Taking into account 57 years unexpired we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.