Top reasons for Leytonstone lease extension

Why you should commence your Leytonstone lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Leytonstone. Clearly, the period of lease left reduces as time goes by. This is often ignored and only raises itself as an issue when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Leytonstone have the legal entitlement to extend the lease for a further 90 years under legislation. Do give due deliberation before delaying your Leytonstone lease extension. Holding off that expense now likely increases the price you will ultimately incur for a lease extension

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

Leasehold properties in Leytonstone with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

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

Retaining our service gives you increased control over the value of your Leytonstone leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Leytonstone Lease Extension Example Cases:

Gabriel, Leytonstone, North East London

In recent months Gabriel, came seriously close to the eighty-year mark with the lease on his garden flat in Leytonstone. Having bought his home two decades ago, the unexpired term was of minimal significance. Thankfully, he realised he needed to take action soon on Extending the lease. Gabriel extended the lease just in the nick of time in January. Gabriel and the freeholder via the managing agents in the end agreed on the final figure of £5,000 . If the lease had slipped lower than 80 years, the figure would have gone up by at least £900.

Leytonstone case:

Mr Ali Ward acquired a purpose-built flat in Leytonstone in November 2006. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Comparable flats in Leytonstone with an extended lease were in the region of £265,200. The mid-range ground rent payable was £65 invoiced annually. The lease terminated on 15 February 2092. Taking into account 66 years remaining we estimated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 not including professional charges.