Why you should start your North Ockendon lease extension

Top reasons for lease extension now:

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

Unfortunately that a North Ockendon residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the North Ockendon property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If lease term drops below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in North Ockendon will be able to extend under the legislation; however a lawyer will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

North Ockendon property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not grant a mortgage on a short lease

Lending institutions have specific criteria when lending monies charged on leasehold property. Some will simply not lend at all once an unexpired lease term slips below a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your North Ockendon property.

What makes us experts in North Ockendon lease extensions?

Lease extensions in North Ockendon can be a difficult process. We recommend you get professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 North Ockendon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North Ockendon Lease Extension Case Studies:

Isaac, North Ockendon, London

Half a year ago Isaac, came very near to the eighty-year mark with the lease on his garden apartment in North Ockendon. In buying his property 18 years previously, the lease term was of minimal relevance. by good luck, he recognised he needed to take action soon on Extending the lease. Isaac was able to extend his lease just under the wire last July. Isaac and the landlord who owned the flat above eventually agreed on the final figure of £6,000 . If the lease had slipped below eighty years, the sum would have gone up by a minimum £975.

North Ockendon case:

In 2014 we were approached by Dr C Murphy who, having purchased a purpose-built apartment in North Ockendon in August 2005. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Comparative residencies in North Ockendon with a long lease were valued about £260,200. The average amount of ground rent was £65 billed yearly. The lease termination date was on 28 July 2092. Having 66 years unexpired we calculated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of professional charges.