Top reasons for Witham lease extension

Why you should start your Witham lease extension today:

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

Witham residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

Witham property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to finance a property with a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Witham property becoming difficult to sell or remortgage.

What makes us experts in Witham lease extensions?

Irrespective of whether you are a tenant or a landlord in Witham,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 Witham valuers.

Witham Lease Extension Case Studies:

Alicia, Witham, Essex,

Off the back of lengthy correspondence with the landlord of her studio apartment in Witham, Alicia commenced the lease extension process as the 80 year threshold was quickly approaching. The lease extension completed in January 2012. The landlord’s costs were restricted to less than 450 GBP.

Witham case:

In 2011 we were contacted by Ms I Campbell who, having bought a newly refurbished flat in Witham in November 2005. We are asked if we could approximate the price could be for a ninety year lease extension. Identical flats in Witham with an extended lease were worth £235,200. The mid-range amount of ground rent was £45 collected every twelve months. The lease concluded in 2092. Given that there were 66 years remaining we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.

Witham case:

Mr N Rivera acquired a studio flat in Witham in March 2009. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable residencies in Witham with an extended lease were in the region of £275,000. The average ground rent payable was £55 invoiced yearly. The lease lapsed in 2103. Having 77 years unexpired we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including professional charges.