Stop! Your Lease Extension in Epping Could Be FREE

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Many leaseholders in Epping are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Epping has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Epping lease extension

Main reasons to start your Epping lease extension today:

A Epping lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Epping you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not issue a mortgage on a short lease

Banks and building societies differ in their lending criteria. Some set the bar at 75 years outstanding on the lease; others may be content with anything in excess seventy years. With less than sixty years, it may be difficult to obtain a mortgage at all.

Lender Requirement
Godiva Mortgages
Leeds Building Society
TSB
Royal Bank of Scotland
Yorkshire Building Society

Why use us for your lease extension in Epping?

Lease extensions in Epping can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Epping lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Epping Lease Extension Case Studies:

Ellen, Epping, Essex,

Following protracted correspondence with the freeholder of her studio flat in Epping, Ellen initiated the lease extension process just as her lease was nearing the critical 80-year deadline. The legal work was finalised in November 2009. The landlord’s costs were kept to an absolute minimum.

Epping case:

In 2010 we were contacted by Mr and Mrs. H Bernard who, having was assigned a lease of a purpose-built flat in Epping in October 2012. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Identical residencies in Epping with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed annually. The lease terminated on 10 April 2102. Given that there were 76 years unexpired we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.

Epping case:

Dr U White acquired a one bedroom flat in Epping in April 2012. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar flats in Epping with an extended lease were in the region of £176,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease finished on 5 May 2082. Considering the 56 years remaining we calculated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 exclusive of legals.