Main reasons to start your Shenfield lease extension

Top reasons for lease extension now:

A Shenfield leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Shenfield you actually own a long leasehold interest over your property

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

Leasehold premises in Shenfield with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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.

Banks and Building Societies may not finance a property with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties if you want to sell your flat in Shenfield if the unexpired term of your lease is less than the criteria set by most mortgage companies. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Shenfield lease extensions?

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

Shenfield Lease Extension Example Cases:

Kate, Shenfield, Essex,

After protracted correspondence with the landlord of her ground floor apartment in Shenfield, Kate initiated the lease extension process as the 80 year mark was fast advancing. The lease extension was finalised in March 2011. The freeholder’s charges were negotiated to less than 700 pounds.

Shenfield case:

Last Winter we were e-mailed by Dr Hunter Lambert , who bought a ground floor apartment in Shenfield in September 2009. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar homes in Shenfield with an extended lease were worth £193,400. The average ground rent payable was £65 collected per annum. The lease terminated in 2085. Considering the 59 years unexpired we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including expenses.

Shenfield case:

Mr and Mrs. D Girard purchased a first floor flat in Shenfield in September 2012. The question was if we could approximate the price could be to extend the lease by 90 years. Similar flats in Shenfield with a long lease were valued about £255,000. The mid-range ground rent payable was £50 billed monthly. The lease lapsed on 18 April 2096. Taking into account 70 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 exclusive of expenses.