Why you should commence your Chadwell Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chadwell Heath property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Chadwell Heath. Inevitably, the length of lease remaining shortens over time. This may pass by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Chadwell Heath have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. You should give careful deliberation before putting off your Chadwell Heath lease extension. Holding off the cost now simply increases the price you will eventually incur to extend your lease

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

Leasehold premises in Chadwell Heath with more than 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 upside in buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not issue a mortgage with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As many flats in Chadwell Heath were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Chadwell Heath?

Retaining our service will provide you better control over the value of your Chadwell Heath leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chadwell Heath Lease Extension Case Studies:

Jack, Chadwell Heath, Essex

18 months ago Jack, started to get near to the 80-year mark with the lease on his basement apartment in Chadwell Heath. In buying his flat two decades ago, the length of the lease was of no relevance. As luck would have it, he noticed he would imminently be paying an escalated premium for a lease extension. Jack arranged for a lease extension just under the wire last April. Jack and the freeholder via the management company subsequently agreed on the final figure of £5,000 . If he had missed the deadline, the amount would have become more costly by at least £875.

Chadwell Heath case:

Last Summer we were called by Mr Luca Collins , who bought a studio apartment in Chadwell Heath in April 1998. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Similar flats in Chadwell Heath with a long lease were in the region of £206,200. The average ground rent payable was £60 invoiced quarterly. The lease came to a finish on 24 March 2082. Considering the 56 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including fees.