Why you should commence your West Thurrock lease extension

Top reasons for lease extension now:

Increase your lease and increase your West Thurrock property value

As the length of the unexpired term of a West Thurrock domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, beyond one hundred years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 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 main reason why you should consider extending without delay. Many flat owners in West Thurrock will meet the qualifying criteria; nevertheless a lawyer can confirm whether you qualify for a lease extension. 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 conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

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

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties when you need to sell or remortgage your property as it will be practically unmortgageable. Even though you might not have an immediate intention to sell but when you do your purchaser must hold off for a couple of years before being able to exercise the right to a an extension to the lease.

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

Lease extensions in West Thurrock can be a difficult process. We recommend you get professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience 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:

Jennifer, West Thurrock, Essex,

After lengthy correspondence with the landlord of her ground floor apartment in West Thurrock, Jennifer initiated the lease extension process as the 80 year threshold was swiftly nearing. The lease extension was concluded in June 2005. The landlord’s fees were kept to an absolute minimum.

West Thurrock case:

Last Spring we were called by Dr Blake Stewart , who owned a purpose-built flat in West Thurrock in April 2005. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar flats in West Thurrock with a long lease were valued about £245,000. The average ground rent payable was £50 invoiced every twelve months. The lease ended on 20 July 2094. Having 68 years outstanding we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.