Top reasons for Epping lease extension

Main reasons to start your Epping lease extension today:

Increase your lease and increase your Epping property value

Epping leases on domestic deteriorating in value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher premium will be payable. Leasehold owners in Epping will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and steps to follow once the process is triggered so it’s sensible to be guided by a lawyer during the process.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Banks and building societies are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. Given that a number of flats in Epping were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Epping lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Epping leasehold, as your property will be more valuable and saleable in terms of lease length should you want 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 Studies:

Jake, Epping, Essex,

Jake owned a 2 bedroom apartment in Epping on the market with a lease of fraction over fifty eight years unexpired. Jake informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Jake to invoke his statutory right. Jake procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Epping case:

In 2011 we were approached by Mrs O Wright who, having acquired a studio flat in Epping in April 2012. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Similar properties in Epping with a long lease were in the region of £183,600. The average ground rent payable was £65 billed monthly. The lease expired in 2083. Considering the 57 years remaining we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of legals.

Epping case:

In 2013 we were called by Dr Elizabeth Roux who, having completed a ground floor flat in Epping in March 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative flats in Epping with 100 year plus lease were in the region of £245,000. The average amount of ground rent was £50 invoiced monthly. The lease lapsed in 2094. Having 68 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.