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 commence your North Ockendon lease extension

Why you should commence your North Ockendon lease extension today:

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

On the balance of probabilities where you own a flat in North Ockendon you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

The propensity since 2008 has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. In the past lenders would grant a mortgage on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

Why use us for your lease extension in North Ockendon?

Retaining our service will provide you better control over the value of your North Ockendon leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

North Ockendon Lease Extension Example Cases:

Leon, North Ockendon, London

During the course of the last few months Leon, came perilously near to the 80-year mark with the lease on his two bedroom apartment in North Ockendon. In buying his home 19 years ago, the lease term was of no bearing. As luck would have it, it dawned on him that he would soon be paying way over the odds for Extending the lease. Leon was able to extend his lease at the eleventh hour last April. Leon and the freeholder in the end settled on a premium of £6,000 . If the lease had dipped below 80 years, the price would have gone up by at least £1,000.

North Ockendon case:

Last Summer we were approach by Mr J Howard , who acquired a one bedroom apartment in North Ockendon in March 2006. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by a further 90 years. Comparative residencies in North Ockendon with a long lease were valued around £257,800. The mid-range ground rent payable was £65 invoiced quarterly. The lease expiry date was in 2091. Given that there were 65 years left we estimated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.

Decision in Havering

An example of a Lease Extension matter before the tribunal for a North Ockendon property 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 number of years remaining on the existing lease(s) was 57.5 years.