Why you should commence your Southend On Sea lease extension

Main reasons to start your Southend On Sea lease extension today:

A Southend On Sea lease depreciates with the years remaining on the lease.

The nearer a residential lease in Southend On Sea gets to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of one hundred years to run then this decrease may be negligible however there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner rather than later. The majority of flat owners in Southend On Sea will qualify for this right; nevertheless a conveyancer can advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not finance a property with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be unacceptable security.

What makes us experts in Southend On Sea lease extensions?

Retaining our service will provide you better control over the value of your Southend On Sea leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Southend On Sea Lease Extension Example Cases:

Isobel, Southend On Sea, Essex,

Subsequent to lengthy correspondence with the landlord of her garden flat in Southend On Sea, Isobel started the lease extension process as the eighty year mark was fast nearing. The transaction was finalised in October 2013. The freeholder’s charges were kept to an absolute minimum.

Southend On Sea case:

Last month we were approach by Mr D Parker , who purchased a first floor flat in Southend On Sea in September 2008. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Southend On Sea with a long lease were in the region of £243,000. The average ground rent payable was £65 billed yearly. The lease terminated in 2089. Taking into account 63 years outstanding we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including costs.

Southend On Sea case:

Last Spring we were phoned by Mr and Mrs. K Sharif , who took over the lease of a basement apartment in Southend On Sea in March 2010. The question was if we could approximate the price would be for a ninety year lease extension. Identical residencies in Southend On Sea with a long lease were worth £181,600. The average ground rent payable was £55 collected per annum. The lease came to a finish on 3 March 2078. Given that there were 52 years left we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including expenses.