Top reasons for Writtle lease extension

Main reasons to commence your Writtle lease extension today:

A Writtle leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Writtle. Inevitably, the length of lease remaining reduces over time. This is often overlooked and only becomes a problem when the property needs to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Writtle have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give due attention before putting off your Writtle lease extension. Holding off that expense now only increases the price you will ultimately incur to extend your lease

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

Leasehold residencies in Writtle with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to issue a mortgage with a short lease

Mortgage lenders have specific criteria when lending funds charged on leasehold property. Many will simply refrain from lending at all once the remaining lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are intending to refinance your Writtle property.

What makes us experts in Writtle lease extensions?

Lease extensions in Writtle can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.

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 dealing with Writtle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Writtle Lease Extension Case Summaries:

Leo, Writtle, Essex,

Leo owned a high value flat in Writtle being marketed with a lease of fraction over fifty eight years remaining. Leo on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Leo to invoke his statutory right. Leo obtained expert advice and secured satisfactory deal informally and readily saleable.

Writtle case:

Mr and Mrs. H Walker bought a ground floor flat in Writtle in September 2006. The dilemma was if we could estimate the premium would likely be to extend the lease by an additional years. Comparative residencies in Writtle with a long lease were valued about £254,200. The average amount of ground rent was £60 collected monthly. The lease ran out in 2077. Given that there were 51 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 not including professional charges.

Writtle case:

In 2013 we were approached by Ms Amelia Lambert who, having completed a purpose-built flat in Writtle in March 2009. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparable residencies in Writtle with 100 year plus lease were in the region of £210,600. The mid-range ground rent payable was £45 billed yearly. The lease terminated in 2088. Given that there were 62 years as a residual term we estimated the premium to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of expenses.