Unfortunately that a Westcliff On Sea residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Westcliff On Sea property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Most flat owners in Westcliff On Sea will be able to extend under the legislation; however a conveyancer should be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancer throughout the process.
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Yorkshire Building Society |
Lease extensions in Westcliff On Sea can be a difficult process. We recommend you get 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 Westcliff On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Aaron, came perilously close to the 80-year mark with the lease on his garden flat in Westcliff On Sea. In buying his home two decades ago, the unexpired term was of little interest. Luckily, he recognised he needed to take action soon on a lease extension. Aaron extended the lease just in the nick of time in April. Aaron and the landlord who owned the flat above subsequently agreed on the final figure of £5,500 . If he failed to meet the deadline, the amount would have increased by at least £1,025.
In 2011 we were approached by Mr and Mrs. S Brown who, having acquired a first floor flat in Westcliff On Sea in May 2000. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Similar premises in Westcliff On Sea with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 collected per annum. The lease concluded in 2080. Given that there were 54 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus costs.
Mrs H Collins took over the lease of a newly refurbished flat in Westcliff On Sea in June 1996. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparable residencies in Westcliff On Sea with an extended lease were worth £227,800. The average amount of ground rent was £45 invoiced annually. The lease elapsed in 2091. Taking into account 65 years unexpired we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.