Top reasons for Witham lease extension

Main reasons to start your Witham lease extension today:

A Witham lease depreciates with the years remaining on the lease.

The only way is down when it comes to Witham lease terms. Witham flats that have a lease term lower than 80 years will drop in value even faster, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold premises in Witham with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may not loan monies with a short lease

Mortgage companies are really restricting their approach as regards to homes in Witham with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

What makes us experts in Witham lease extensions?

The conveyancers that we work with undertake Witham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Witham Lease Extension Example Cases:

Lauren, Witham, Essex,

Following lengthy correspondence with the freeholder of her leasehold flat in Witham, Lauren commenced the lease extension process as the 80 year threshold was rapidly nearing. The legal work completed in April 2015. The freeholder’s fees were kept to an absolute minimum.

Witham case:

Last Autumn we were approach by Dr A González , who completed a first floor flat in Witham in February 2010. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Identical homes in Witham with 100 year plus lease were worth £166,400. The average ground rent payable was £60 billed monthly. The lease terminated in 2080. Given that there were 54 years outstanding we estimated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 plus costs.

Witham case:

Last Summer we were e-mailed by Mr and Mrs. L López , who owned a one bedroom flat in Witham in April 2011. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar flats in Witham with an extended lease were valued around £227,800. The average ground rent payable was £45 collected yearly. The lease came to a finish on 21 March 2091. Considering the 65 years unexpired we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of legals.