Why you should commence your Saffron Walden lease extension

Top reasons for lease extension now:

A Saffron Walden lease depreciates with the years remaining on the lease.

Saffron Walden leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Saffron Walden residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Saffron Walden you really ought to investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Saffron Walden leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is effected without delay

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Saffron Walden?

Lease extensions in Saffron Walden can be a difficult process. We recommend you obtain guidance from a lawyer 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 procuring Saffron Walden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Saffron Walden Lease Extension Example Cases:

Henry, Saffron Walden, Essex,

Henry owned a high value flat in Saffron Walden being marketed with a lease of just over 61 years remaining. Henry on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Henry to exercise his statutory right. Henry procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Saffron Walden case:

Last Winter we were e-mailed by Mrs Sophie Martínez , who was assigned a lease of a purpose-built flat in Saffron Walden in November 2007. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparative residencies in Saffron Walden with an extended lease were worth £270,000. The mid-range ground rent payable was £55 billed quarterly. The lease lapsed on 13 November 2101. Considering the 75 years unexpired we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Saffron Walden case:

Last January we were called by Mrs Rebecca Rivera , who owned a studio apartment in Saffron Walden in February 2000. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Similar residencies in Saffron Walden with an extended lease were valued about £168,800. The average amount of ground rent was £60 collected monthly. The lease ran out in 2081. Having 55 years remaining we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of legals.