Why you should commence your Chadwell Heath lease extension

Why you should start your Chadwell Heath lease extension today:

Increase your lease and increase your Chadwell Heath property value

Chadwell Heath residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

Lenders do not lend on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Chadwell Heath if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Chadwell Heath?

Regardless of whether you are a tenant or a freeholder in Chadwell Heath,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chadwell Heath valuers.

Chadwell Heath Lease Extension Example Cases:

Poppy, Chadwell Heath, Essex,

Subsequent to unsuccessful correspondence with the freeholder of her purpose-built flat in Chadwell Heath, Poppy started the lease extension process as the eighty year mark was quickly advancing. The transaction was concluded in August 2010. The landlord’s charges were kept to an absolute minimum.

Chadwell Heath case:

Last October we were phoned by Ms Kate Turner , who purchased a garden apartment in Chadwell Heath in February 2001. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Identical residencies in Chadwell Heath with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 billed monthly. The lease finished in 2078. Given that there were 52 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus costs.