Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Westcliff On Sea. Inevitably, the term of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the property has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Westcliff On Sea have the right to extend the lease for an additional 90 years under statute. You should give careful deliberation before putting off your Westcliff On Sea lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease
Leasehold residencies in Westcliff On Sea with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Westcliff On Sea,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Westcliff On Sea valuers.
Adam owned a 2 bedroom apartment in Westcliff On Sea being sold with a lease of a few days over 61 years remaining. Adam informally spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be due on a lease extension were Adam to exercise his statutory right. Adam procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.
Last month we were called by Dr T Thomas , who purchased a purpose-built apartment in Westcliff On Sea in March 2010. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Westcliff On Sea with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 collected monthly. The lease ran out in 2103. Considering the 77 years remaining we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including fees.
Last January we were e-mailed by Mr and Mrs. Y Rose , who moved into a purpose-built flat in Westcliff On Sea in November 2003. We are asked if we could approximate the price would be for a 90 year lease extension. Identical residencies in Westcliff On Sea with a long lease were in the region of £183,600. The average ground rent payable was £65 collected every twelve months. The lease concluded on 25 November 2083. Given that there were 57 years left we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of legals.