Main reasons to start your Chadwell Heath lease extension

Top reasons for lease extension now:

A Chadwell Heath lease depreciates with the years remaining on the lease.

For anyone whose Chadwell Heath flat is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.

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

Leasehold properties in Chadwell Heath with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This may be problematic when you wish to market or refinance your flat as it will be practically unmortgageable. You might have no imminent desire to sell but when you do your purchaser will have to wait 2 years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Chadwell Heath?

Irrespective of whether you are a tenant or a freeholder in Chadwell Heath,the lease extension lawyers that we work with will always be happy 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 Case Summaries:

Sarah, Chadwell Heath, Essex,

In the wake of 9 months of unsuccessful correspondence with the freeholder of her purpose-built apartment in Chadwell Heath, Sarah started the lease extension process as the eighty year threshold was quickly nearing. The lease extension was concluded in March 2007. The freeholder’s fees were kept to an absolute minimum.

Chadwell Heath case:

In 2012 we were approached by Dr S David who, having completed a studio apartment in Chadwell Heath in June 2000. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable homes in Chadwell Heath with an extended lease were worth £230,800. The mid-range amount of ground rent was £60 invoiced yearly. The lease terminated in 2086. Taking into account 60 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 not including expenses.