Main reasons to commence your Southend On Sea lease extension

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

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

Southend On Sea leases on domestic deteriorating in value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Southend On Sea will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain situations you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Southend On Sea with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

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

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties when you wish to market or refinance your flat as it will be practically unmortgageable. Even though you may have no imminent desire to sell but when you do your purchaser must hold off for 2 years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Southend On Sea?

Engaging 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 relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Southend On Sea Lease Extension Example Cases:

Max, Southend On Sea, Essex

Last year Max, started to get near to the 80-year mark with the lease on his first floor flat in Southend On Sea. Having purchased his property 18 years previously, the length of the lease was of little significance. As luck would have it, he realised he would soon be paying an inflated amount for Extending the lease. Max arranged for a lease extension at the eleventh hour last July. Max and the freeholder via the management company in the end agreed on sum of £6,000 . If he not met the deadline, the premium would have increased by at least £900.

Southend On Sea case:

Last Autumn we were approach by Dr V López , who bought a one bedroom apartment in Southend On Sea in February 2010. The question was if we could estimate the premium would be to extend the lease by ninety years. Comparable residencies in Southend On Sea with 100 year plus lease were valued about £285,000. The mid-range ground rent payable was £45 billed quarterly. The lease terminated in 2097. Considering the 71 years left we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.

Southend On Sea case:

In 2013 we were called by Mr and Mrs. H Ricardo who, having owned a newly refurbished flat in Southend On Sea in May 2003. The question was if we could estimate the price could be for a 90 year lease extension. Identical properties in Southend On Sea with an extended lease were worth £225,800. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease lapsed in 2086. Given that there were 60 years unexpired we calculated the premium to the landlord for the lease extension to be within £23,800 and £27,400 plus professional charges.