Why you should commence your Saffron Walden lease extension

Top reasons for lease extension now:

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

Saffron Walden leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Saffron Walden enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Saffron Walden you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

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

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Saffron Walden with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

Why use us for your lease extension in Saffron Walden?

Irrespective of whether you are a tenant or a freeholder in Saffron Walden,the lease extension experts 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 Saffron Walden valuers.

Saffron Walden Lease Extension Example Cases:

Rebecca, Saffron Walden, Essex,

Following protracted discussions with the landlord of her two bedroom apartment in Saffron Walden, Rebecca commenced the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was finalised in July 2010. The freeholder’s charges were kept to an absolute minimum.

Saffron Walden case:

Last Christmas we were approach by Mr and Mrs. H Davies , who took over the lease of a basement apartment in Saffron Walden in November 2003. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparable premises in Saffron Walden with 100 year plus lease were worth £255,000. The mid-range ground rent payable was £50 collected yearly. The lease elapsed on 24 November 2097. Considering the 71 years as a residual term we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.

Saffron Walden case:

In 2011 we were approached by Dr Thomas Williams who, having was assigned a lease of a purpose-built flat in Saffron Walden in February 2012. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical residencies in Saffron Walden with a long lease were valued about £254,200. The mid-range ground rent payable was £60 billed quarterly. The lease expired on 5 February 2077. Taking into account 51 years remaining we calculated the premium to the landlord to extend the lease to be within £43,700 and £50,600 not including legals.