Stop! Your Lease Extension in North Ockendon Could Be FREE

Get a Free Case Review
Many leaseholders in North Ockendon are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in North Ockendon has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for North Ockendon lease extension

Top reasons for lease extension now:

Increase your lease and increase your North Ockendon property value

Chances are that where you own a flat in North Ockendon you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in North Ockendon with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may not lend on a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wanting to buy your property in the future might well do, so if they are unable to get a mortgage, then the value of your property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to accept

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in North Ockendon lease extensions?

The lawyers that we work with procure North Ockendon 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.

North Ockendon Lease Extension Example Cases:

Toby, North Ockendon, London

Last year Toby, came seriously near to the eighty-year threshold with the lease on his first floor apartment in North Ockendon. In buying his home two decades ago, the lease term was of little concern. Fortunately, he recognised he would soon be paying way over the odds for Extending the lease. Toby extended the lease just under the wire in May. Toby and the landlord who owned the flat above in the end agreed on sum of £6,000 . If he not met the deadline, the amount would have escalated by a minimum £950.

North Ockendon case:

Mr and Mrs. F Cook purchased a basement flat in North Ockendon in November 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparable premises in North Ockendon with a long lease were valued about £233,200. The average amount of ground rent was £60 collected annually. The lease expired in 2087. Having 61 years as a residual term we estimated the premium to the landlord for the lease extension to be within £22,800 and £26,400 exclusive of costs.

Decision in Havering

An example of a Lease Extension matter before the tribunal for a North Ockendon premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.