Top reasons for Tilbury lease extension

Main reasons to commence your Tilbury lease extension today:

Increase your lease and increase your Tilbury property value

The closer a domestic lease in Tilbury nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than 100 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending without delay. Most flat owners in Tilbury will meet the qualifying criteria; however a conveyancer will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Tilbury property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Banks and building societies are really restricting their approach as regards to properties in Tilbury with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the number of prospective buyers.

Get in touch with one of our Tilbury lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Tilbury leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Tilbury Lease Extension Case Studies:

Lydia, Tilbury, Essex,

Trailing protracted discussions with the freeholder of her studio flat in Tilbury, Lydia commenced the lease extension process as the 80 year threshold was swiftly coming. The transaction completed in November 2008. The freeholder’s charges were negotiated to approximately 700 GBP.

Tilbury case:

In 2010 we were called by Mr and Mrs. C González who, having moved into a basement apartment in Tilbury in July 2012. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable properties in Tilbury with a long lease were valued around £198,800. The average amount of ground rent was £55 invoiced yearly. The lease came to a finish in 2081. Taking into account 55 years remaining we approximated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 plus costs.

Tilbury case:

Dr Jonathan Flores purchased a newly refurbished apartment in Tilbury in March 1999. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative properties in Tilbury with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 billed every twelve months. The lease ended on 1 June 2102. Having 76 years left we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.