Top reasons for South Ockendon lease extension

Why you should commence your South Ockendon lease extension today:

Increase your lease and increase your South Ockendon property value

There is no doubt about it a leasehold flat or house in South Ockendon is a wasting asset as a result of the shortening lease. Where the lease has, beyond 99 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending sooner than later. Many flat owners in South Ockendon will qualify for this right; however a lawyer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold property. Some will simply refrain from lending at all once the remaining lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are intending to refinance your South Ockendon home.

Why use us for your lease extension in South Ockendon?

Lease extensions in South Ockendon can be a difficult process. We recommend you obtain professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 dealing with South Ockendon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South Ockendon Lease Extension Case Summaries:

Leah, South Ockendon, Essex,

Trailing protracted discussions with the landlord of her purpose-built flat in South Ockendon, Leah commenced the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The lease extension completed in March 2006. The freeholder’s fees were kept to an absolute minimum.

South Ockendon case:

Last Christmas we were e-mailed by Dr N Rose , who completed a garden flat in South Ockendon in January 2004. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Comparative properties in South Ockendon with an extended lease were valued around £233,200. The mid-range amount of ground rent was £60 billed monthly. The lease concluded in 2087. Having 61 years left we estimated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 plus professional charges.