Top reasons for Hainault lease extension

Top reasons for lease extension now:

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

Hainault residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic once you need to sell or refinance your property as it will be effectively unmortgageable. You might have no imminent plan to sell but when you do your buyer must wait two years before being able to exercise the right to a an extension to the lease.

What makes us experts in Hainault lease extensions?

Lease extensions in Hainault can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 Hainault lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hainault Lease Extension Example Cases:

Stephanie, Hainault, North East London,

Following unsuccessful negotiations with the landlord of her two bedroom apartment in Hainault, Stephanie commenced the lease extension process just as her lease was approaching the all-important 80-year mark. The transaction was concluded in July 2009. The freeholder’s costs were restricted to less than six hundred pounds.

Hainault case:

In 2010 we were e-mailed by Mrs Lily Miller who, having completed a purpose-built flat in Hainault in January 2002. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Similar properties in Hainault with a long lease were valued about £205,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease elapsed on 12 April 2105. Given that there were 79 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.