Stop! Your Lease Extension in North Ockendon Could Be FREE

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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.

Main reasons to start your North Ockendon lease extension

Main reasons to start your North Ockendon lease extension today:

A North Ockendon leasehold property depreciates with the years remaining on the lease.

North Ockendon residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage on a short lease

Lending institutions are less likely to give a loan offer on a domestic flat in North Ockendon with a short lease. Some lenders simply refuse to lend on leases with less than 75 years remaining.

Lender Requirement
Coventry Building Society
Godiva Mortgages
National Westminster Bank
Santander
Yorkshire Building Society

Why use us for your lease extension in North Ockendon?

The conveyancers that we work with handle 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 conveyancer we work with provide it.

North Ockendon Lease Extension Case Studies:

Aimee, North Ockendon, London,

Off the back of lengthy discussions with the freeholder of her purpose-built flat in North Ockendon, Aimee commenced the lease extension process as the eighty year mark was quickly nearing. The legal work was concluded in January 2011. The landlord’s costs were kept to an absolute minimum.

North Ockendon case:

In 2013 we were approached by Mr K Brooks who, having bought a purpose-built flat in North Ockendon in November 2005. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar properties in North Ockendon with an extended lease were valued about £191,400. The mid-range amount of ground rent was £55 billed every twelve months. The lease expired in 2080. Considering the 54 years outstanding we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 not including fees.

Decision in Havering

An example of a Lease Extension case 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 unexpired term was 57.5 years.