Top reasons for Writtle lease extension

Why you should commence your Writtle lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Writtle have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Please think carefully before delaying your Writtle lease extension. Shelving the costs now simply increases the price you will ultimately have to pay to extend the lease.

Writtle property with a lease extension is almost the same value as a freehold

Leasehold premises in Writtle with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Writtle?

Lease extensions in Writtle can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience 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 Example Cases:

Georgia, Writtle, Essex,

Subsequent to unsuccessful correspondence with the landlord of her one bedroom flat in Writtle, Georgia initiated the lease extension process as the 80 year deadline was rapidly approaching. The lease extension was finalised in July 2014. The freeholder’s charges were kept to an absolute minimum.

Writtle case:

Last Summer we were called by Dr W Morel , who acquired a basement apartment in Writtle in April 2008. The question was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparative properties in Writtle with an extended lease were in the region of £255,000. The mid-range ground rent payable was £50 collected quarterly. The lease ended on 3 April 2096. Having 70 years remaining we calculated the premium to the freeholder for the lease extension to be within £10,500 and £12,000 not including legals.

Writtle case:

Mr I Gómez bought a garden apartment in Writtle in February 2011. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Identical flats in Writtle with an extended lease were in the region of £246,800. The mid-range ground rent payable was £60 collected yearly. The lease elapsed in 2076. Taking into account 50 years left we estimated the compensation to the freeholder for the lease extension to be between £44,700 and £51,600 exclusive of expenses.