Main reasons to start your Thurrock lease extension

Why you should commence your Thurrock lease extension today:

A Thurrock lease depreciates with the years remaining on the lease.

Thurrock leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Thurrock enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Thurrock you must see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally considered 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 in the future.

Banks and Building Societies will not issue a mortgage with a short lease

Lenders are really clamping down as regards to homes in Thurrock with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Thurrock?

Irrespective of whether you are a tenant or a landlord in Thurrock,the lease extension lawyers 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 Thurrock valuers.

Thurrock Lease Extension Case Summaries:

Ella, Thurrock, Essex,

In the wake of 9 months of unsuccessful discussions with the landlord of her ground floor flat in Thurrock, Ella started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The transaction completed in January 2011. The freeholder’s fees were negotiated to less than 450 pounds.

Thurrock case:

Mr and Mrs. R Bertrand owned a purpose-built flat in Thurrock in January 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparable homes in Thurrock with an extended lease were in the region of £200,000. The average amount of ground rent was £50 invoiced every twelve months. The lease ran out in 2103. Taking into account 77 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.

Thurrock case:

Mrs Shannon Lefebvre moved into a purpose-built flat in Thurrock in July 2012. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Comparative residencies in Thurrock with 100 year plus lease were worth £265,200. The average ground rent payable was £65 collected annually. The lease came to a finish on 9 June 2092. Having 66 years remaining we estimated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 not including costs.