Why you should start your Epping lease extension

Top reasons for lease extension now:

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

The value of Epping leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will cause difficulties once you wish to market or remortgage your property as it will be effectively unmortgageable. You might not have an imminent intention to sell but when you do your purchaser will need to hold off for two years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Epping?

Using our service gives you increased control over the value of your Epping leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Epping Lease Extension Case Summaries:

Michael, Epping, Essex

In recent months Michael, started to get near to the eighty-year mark with the lease on his first floor apartment in Epping. In buying his flat 18 years ago, the lease term was of little importance. Luckily, he recognised he needed to take steps soon on a lease extension. Michael extended the lease at the eleventh hour in April. Michael and the freeholder ultimately agreed on sum of £5,000 . If the lease had fallen lower than 80 years, the figure would have escalated by at least £950.

Epping case:

Mr and Mrs. O Leroy purchased a purpose-built apartment in Epping in October 1998. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Comparative residencies in Epping with an extended lease were worth £264,000. The mid-range amount of ground rent was £60 billed monthly. The lease concluded in 2079. Having 53 years remaining we approximated the premium to the landlord to extend the lease to be between £37,100 and £42,800 plus legals.

Epping case:

Mr and Mrs. F Bell was assigned a lease of a garden apartment in Epping in April 2005. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar homes in Epping with an extended lease were worth £225,400. The mid-range ground rent payable was £45 invoiced quarterly. The lease lapsed in 2090. Taking into account 64 years unexpired we estimated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 exclusive of fees.