Main reasons to start your Chadwell Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chadwell Heath property value

When it comes to residential leasehold property in Chadwell Heath, you are actually purchasing an entitlement to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly once there are less than 80 years remaining. Residents in Chadwell Heath with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. When a lease has less than eighty years left, under the current Act the landlord can calculate and levy a larger premium, assessed on a technical calculation, strangely termed as “marriage value” which is due.

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

Leasehold premises in Chadwell Heath with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to homes in Chadwell Heath with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

What makes us experts in Chadwell Heath lease extensions?

Regardless of whether you are a tenant or a landlord in Chadwell Heath,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chadwell Heath valuers.

Chadwell Heath Lease Extension Example Cases:

Naomi, Chadwell Heath, Essex,

Off the back of lengthy correspondence with the landlord of her one bedroom apartment in Chadwell Heath, Naomi initiated the lease extension process just as her lease was approaching the crucial eighty-year deadline. The lease extension was concluded in June 2013. The landlord’s fees were restricted to slightly above 450 pounds.

Chadwell Heath case:

In 2012 we were contacted by Mr and Mrs. B Cox who, having completed a studio apartment in Chadwell Heath in April 1995. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative residencies in Chadwell Heath with a long lease were valued about £275,000. The average amount of ground rent was £65 billed monthly. The lease finished on 16 November 2094. Given that there were 68 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus fees.