Main reasons to commence your West Thurrock lease extension

Why you should commence your West Thurrock lease extension today:

Increase your lease and increase your West Thurrock property value

As the the remaining lease term of a West Thurrock residential lease diminished so does its value and therefore the value of your property. Where the residual term has, beyond 99 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in West Thurrock will qualify for this right; however a lawyer will be able to confirm if you are eligible to extend your lease. In limited 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 unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to grant a mortgage on a short lease

Most banks and building societies will not grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your West Thurrock property being difficult to dispose of or refinance.

What makes us experts in West Thurrock lease extensions?

Irrespective of whether you are a tenant or a landlord in West 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 West Thurrock valuers.

West Thurrock Lease Extension Example Cases:

Aaron, West Thurrock, Essex,

Aaron owned a conversion flat in West Thurrock on the market with a lease of a few days over fifty eight years outstanding. Aaron informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Aaron to invoke his statutory right. Aaron obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

West Thurrock case:

Last Summer we were contacted by Mr and Mrs. Y Lewis , who purchased a studio flat in West Thurrock in September 2012. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparable flats in West Thurrock with a long lease were valued around £200,800. The mid-range ground rent payable was £65 billed quarterly. The lease expiry date was on 22 May 2086. Given that there were 60 years outstanding we estimated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 not including fees.