Why you should start your North Ockendon lease extension

Why you should start your North Ockendon lease extension today:

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

The market value of North Ockendon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies with a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to encounter problems where you need to sell your flat in North Ockendon if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have different criteria but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in North Ockendon lease extensions?

Regardless of whether you are a tenant or a landlord in North Ockendon,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with North Ockendon valuers.

North Ockendon Lease Extension Example Cases:

Lucas, North Ockendon, London,

Lucas was the the leasehold proprietor of a conversion flat in North Ockendon being marketed with a lease of just over fifty eight years remaining. Lucas on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Lucas to exercise his statutory right. Lucas obtained expert advice and secured satisfactory resolution informally and ending up with a market value flat.

North Ockendon case:

Last year we were contacted by Mr and Mrs. F Gómez , who acquired a purpose-built apartment in North Ockendon in January 1995. We are asked if we could approximate the premium would likely be to prolong the lease by 90 years. Similar residencies in North Ockendon with 100 year plus lease were worth £184,000. The mid-range ground rent payable was £55 invoiced annually. The lease concluded on 21 July 2079. Considering the 53 years outstanding we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including legals.