Why you should start your Leytonstone lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Leytonstone lease terms. Leytonstone leaseholds that have a lease term less than than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will go up.

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

Leasehold residencies in Leytonstone with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not finance a property on a short lease

Banks and building societies do not lend on short residential leases. You most probably encounter difficulties where you wish to sell your flat in Leytonstone if the unexpired lease term is below the criteria set by most banks and building societies. Different lenders have varying requirements but generally theyrequire an unexpired term of at least seventy years.

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

Lease extensions in Leytonstone can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 a wealth of experience procuring Leytonstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Leytonstone Lease Extension Example Cases:

Omar, Leytonstone, North East London

Two years ago Omar, came precariously near to the eighty-year threshold with the lease on his garden apartment in Leytonstone. In buying his home two decades ago, the unexpired term was of little importance. Thankfully, it dawned on him that he needed to take steps soon on Extending the lease. Omar extended the lease just in the nick of time in May. Omar and the freeholder in the end agreed on an amount of £5,500 . If the lease had gone lower than 80 years, the premium would have gone up by a minimum £1,025.

Leytonstone case:

Mr and Mrs. T Lee was assigned a lease of a garden apartment in Leytonstone in March 2002. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Similar homes in Leytonstone with a long lease were valued about £267,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ended on 20 May 2092. Considering the 67 years remaining we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 plus costs.