Main reasons to commence your Leytonstone lease extension

Main reasons to start your Leytonstone lease extension today:

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

The closer a residential lease in Leytonstone nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, over one hundred years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease without delay. Many flat owners in Leytonstone will qualify for this right; however a conveyancer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic once you need to sell or remortgage your flat as it will be practically unmortgageable. Even though you may not have an imminent desire to sell but when you do your purchaser will need to hold off for two years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Leytonstone?

Lease extensions in Leytonstone can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in this area.

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 Case Summaries:

Leah, Leytonstone, North East London,

In the wake of eight months of protracted negotiations with the landlord of her studio apartment in Leytonstone, Leah initiated the lease extension process just as the lease was approaching the crucial eighty-year threshold. The lease extension was finalised in February 2013. The landlord’s fees were restricted to approximately 550 GBP.

Leytonstone case:

In 2009 we were contacted by Mr Arthur Mason who, having took over the lease of a purpose-built flat in Leytonstone in May 2000. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar homes in Leytonstone with 100 year plus lease were valued about £295,000. The average amount of ground rent was £45 billed monthly. The lease expired in 2100. Having 74 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.