Why you should start your North Ockendon lease extension

Top reasons for lease extension now:

Increase your lease and increase your North Ockendon property value

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

An extended lease is almost the same value as a freehold

Leasehold residencies in North Ockendon with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to finance a property on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should keep in mind that it is likely that someone intending to acquire your property in the future might well do, so where they can't obtain a mortgage, then the market price of your property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in North Ockendon lease extensions?

The conveyancers that we work with undertake 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:

Sebastian, North Ockendon, London,

Sebastian owned a 2 bedroom apartment in North Ockendon being sold with a lease of fraction over 72 years left. Sebastian informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian obtained expert legal guidance and secured an acceptable deal informally and sell the property.

North Ockendon case:

Dr G White completed a one bedroom apartment in North Ockendon in May 2000. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable properties in North Ockendon with an extended lease were valued about £280,000. The mid-range ground rent payable was £45 collected quarterly. The lease concluded in 2096. Having 70 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus costs.