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 rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in North Ockendon may extend the lease for an additional 90 years in accordance with legislation. Please think carefully before delaying your North Ockendon lease extension. Putting off the costs now simply increases the premium you will ultimately be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in North Ockendon with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not issue a mortgage with a short lease

Banks and building societies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Considering a number of flats in North Ockendon were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

Get in touch with one of our North Ockendon lease extension solicitors or enfranchisement solicitors

Retaining our service gives you enhanced control over the value of your North Ockendon leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

North Ockendon Lease Extension Case Summaries:

Jordan, North Ockendon, London,

Off the back of protracted negotiations with the freeholder of her ground floor flat in North Ockendon, Jordan started the lease extension process just as her lease was approaching the all-important 80-year mark. The lease extension completed in October 2005. The landlord’s charges were restricted to under 700 pounds.

North Ockendon case:

Dr A Norbert purchased a recently refurbished flat in North Ockendon in May 2004. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparative properties in North Ockendon with a long lease were in the region of £166,800. The average amount of ground rent was £50 billed per annum. The lease concluded on 7 April 2076. Taking into account 50 years unexpired we calculated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.