Top reasons for Writtle lease extension

Top reasons for lease extension now:

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

Writtle residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

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

Lenders will not issue a mortgage with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone wishing to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the market price of the property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Writtle?

Using our service will provide you enhanced control over the value of your Writtle leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Writtle Lease Extension Case Studies:

Joseph, Writtle, Essex

Last year Joseph, came critically near to the eighty-year threshold with the lease on his ground floor flat in Writtle. In buying his flat 18 years ago, the length of the lease was of minimal concern. by good luck, it dawned on him that he would soon be paying way over the odds for Extending the lease. Joseph was able to extend his lease just in the nick of time in June. Joseph and the freeholder via the management company eventually agreed on a premium of £6,000 . If he had missed the deadline, the price would have escalated by at least £1,050.

Writtle case:

Last Winter we were called by Dr D Martínez , who acquired a basement apartment in Writtle in July 2010. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable properties in Writtle with 100 year plus lease were worth £265,000. The average ground rent payable was £55 invoiced per annum. The lease elapsed on 27 February 2100. Considering the 74 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Writtle case:

Mrs Natasha Morris completed a one bedroom flat in Writtle in November 1999. We are asked if we could estimate the price could be to extend the lease by 90 years. Identical premises in Writtle with a long lease were worth £166,400. The average ground rent payable was £60 billed per annum. The lease expired in 2080. Having 54 years left we approximated the premium to the landlord to extend the lease to be between £32,300 and £37,400 plus expenses.