Main reasons to commence your Leytonstone lease extension

Main reasons to start your Leytonstone lease extension today:

Increase your lease and increase your Leytonstone property value

There is no doubt about it a leasehold property in Leytonstone is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 125 years to run then this decrease may be fractional that being said there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Leytonstone will qualify for this right; that being said 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 not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional 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 may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This will be problematic once you come to market or refinance your property as it will be practically unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer will have to hold off for two years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Leytonstone?

The lawyers that we work with procure Leytonstone lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Leytonstone Lease Extension Example Cases:

Elizabeth, Leytonstone, North East London,

Off the back of unsuccessful correspondence with the landlord of her two bedroom flat in Leytonstone, Elizabeth started the lease extension process as the 80 year deadline was swiftly advancing. The transaction was concluded in November 2012. The freeholder’s fees were negotiated to approximately 450 pounds.

Leytonstone case:

Last Christmas we were called by Dr Ryan Gunderson , who completed a garden flat in Leytonstone in February 2010. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable premises in Leytonstone with an extended lease were in the region of £280,000. The mid-range ground rent payable was £45 billed every twelve months. The lease ended in 2096. Having 70 years left we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.