Leytonstone Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Leytonstone
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Leytonstone lease extension

Why you should commence your Leytonstone lease extension today:

Increase your lease and increase your Leytonstone property value

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

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies will not finance a property with a short lease

Mortgage companies are really clamping down as regards to homes in Leytonstone with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Leytonstone lease extension solicitors or enfranchisement solicitors

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

Leytonstone Lease Extension Example Cases:

Harry, Leytonstone, North East London

In recent months Harry, started to get near to the eighty-year mark with the lease on his purpose- built flat in Leytonstone. In buying his flat 18 years previously, the length of the lease was of no importance. Thankfully, he became aware that he needed to take action soon on a lease extension. Harry arranged for a lease extension just ahead of time last September. Harry and the freeholder eventually agreed on the final figure of £6,000 . If he not met the deadline, the figure would have escalated by a minimum £1,075.

Leytonstone case:

Last Spring we were contacted by Mrs Natasha Ali , who purchased a ground floor apartment in Leytonstone in November 2010. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Leytonstone with 100 year plus lease were worth £250,400. The mid-range amount of ground rent was £65 collected monthly. The lease ran out in 2089. Considering the 64 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of costs.

Decision in Redbridge

An example of a Freehold Enfranchisement matter before the tribunal for a Leytonstone premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The remaining number of years on the lease was 73.92 years.