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Main reasons to start your North Ockendon lease extension

Top reasons for lease extension now:

Increase your lease and increase your North Ockendon property value

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 expense of extending the lease can increase substantially once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

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

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

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will be problematic as and when you need to sell or refinance your property as it will be practically unmortgageable. You may have no immediate desire to sell but when you do your purchaser must wait two years before they can start the legal procedures for an extension to the lease.

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.
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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

Why use us for your lease extension in North Ockendon?

Regardless of whether you are a tenant or a freeholder in North Ockendon,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with North Ockendon valuers.

North Ockendon Lease Extension Example Cases:

Jake, North Ockendon, London

Last Winter Jake, started to get near to the 80-year threshold with the lease on his garden apartment in North Ockendon. Having bought his flat twenty years previously, the unexpired term was of minimal relevance. Thankfully, he recognised he would soon be paying an escalated premium for Extending the lease. Jake was able to extend his lease just in the nick of time in April. Jake and the landlord in the end settled on sum of £6,000 . If he had missed the deadline, the figure would have gone up by at least £900.

North Ockendon case:

Ms Sian Ramírez took over the lease of a first floor flat in North Ockendon in October 2001. The question was if we could estimate the premium would be to extend the lease by 90 years. Similar flats in North Ockendon with an extended lease were worth £295,000. The mid-range amount of ground rent was £45 billed quarterly. The lease expired on 17 June 2100. Taking into account 75 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.

Decision in Havering

An example of a Lease Extension decision for a North Ockendon residence 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 was in relation to 1 flat. The unexpired term was 57.5 years.