Stop! Your Lease Extension in Westcliff On Sea Could Be FREE

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Many leaseholders in Westcliff On Sea are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Westcliff On Sea has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Westcliff On Sea lease extension

Top reasons for lease extension now:

A Westcliff On Sea leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Westcliff On Sea you actually own a long leasehold interest over your property

Westcliff On Sea property with a lease extension is almost the same value as a freehold

Leasehold residencies in Westcliff On Sea with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

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

Mortgage companies are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As plenty of flats in Westcliff On Sea were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Westcliff On Sea lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Westcliff On Sea,the lease extension experts that we work with will always be prepared 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.

Westcliff On Sea Lease Extension Case Studies:

Jennifer, Westcliff On Sea, Essex,

After lengthy correspondence with the freeholder of her leasehold flat in Westcliff On Sea, Jennifer started the lease extension process as the 80 year deadline was swiftly nearing. The legal work was concluded in April 2010. The landlord’s charges were negotiated to below 650 GBP.

Westcliff On Sea case:

Last October we were phoned by Mr Rory Bennett , who moved into a studio flat in Westcliff On Sea in February 2007. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar properties in Westcliff On Sea with an extended lease were worth £193,400. The average ground rent payable was £65 collected annually. The lease came to a finish in 2085. Taking into account 59 years remaining we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of expenses.

Westcliff On Sea case:

Last Christmas we were phoned by Mr C Lefèvre , who was assigned a lease of a one bedroom flat in Westcliff On Sea in September 2008. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Similar properties in Westcliff On Sea with an extended lease were valued around £255,000. The mid-range amount of ground rent was £50 collected yearly. The lease lapsed in 2096. Considering the 70 years remaining we estimated the premium to the landlord to extend the lease to be within £10,500 and £12,000 plus expenses.