Top reasons for Leytonstone lease extension

Top reasons for lease extension now:

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

The re-sale value of a leasehold property in Leytonstone depends on how many years the lease has left to run. If it is close to or less than eighty years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension before buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years to run so that a lease extension can be concluded prior to the eighty year cut off point. Current legislation entitles Leytonstone qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a supplemental term of 90 years. The reason of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Leytonstone with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not grant a mortgage on a short lease

Why use us for your lease extension in Leytonstone?

The conveyancing solicitors that we work with handle 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 lawyer we work with provide it.

Leytonstone Lease Extension Example Cases:

Maisie, Leytonstone, North East London,

Following unsuccessful correspondence with the landlord of her one bedroom apartment in Leytonstone, Maisie commenced the lease extension process as the eighty year threshold was rapidly approaching. The legal work was concluded in September 2009. The landlord’s fees were kept to an absolute minimum.

Leytonstone case:

In 2010 we were e-mailed by Mr G Allen who, having was assigned a lease of a one bedroom flat in Leytonstone in May 2007. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative residencies in Leytonstone with 100 year plus lease were valued around £196,400. The mid-range amount of ground rent was £55 billed monthly. The lease elapsed on 21 March 2080. Taking into account 54 years unexpired we estimated the compensation to the landlord to extend the lease to be within £35,200 and £40,600 not including costs.