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

The only way is down when it comes to West Thurrock lease terms. West Thurrock flats that have a lease term fewer than 80 years will de-escalate in market price even faster, and the cost to extend your lease will rise.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

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

Most mortgage companies will be unwilling to lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this could result in your West Thurrock property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in West Thurrock?

Lease extensions in West Thurrock can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring West Thurrock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Thurrock Lease Extension Example Cases:

Grace, West Thurrock, Essex,

In the wake of 6 months of lengthy negotiations with the landlord of her one bedroom apartment in West Thurrock, Grace started the lease extension process as the 80 year mark was swiftly advancing. The lease extension was concluded in March 2013. The landlord’s costs were restricted to slightly above 650 GBP.

West Thurrock case:

Last month we were e-mailed by Mr and Mrs. V Garcia , who bought a one bedroom apartment in West Thurrock in November 2005. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar homes in West Thurrock with 100 year plus lease were in the region of £225,400. The average amount of ground rent was £45 billed per annum. The lease terminated in 2090. Considering the 64 years outstanding we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of professional charges.