Main reasons to start your Old Ford lease extension

Main reasons to start your Old Ford lease extension today:

A Old Ford lease depreciates with the years remaining on the lease.

Old Ford leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Old Ford enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Old Ford you would be well advised to see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

Old Ford property with a lease extension is almost the same value as a freehold

Leasehold properties in Old Ford with in excess of one hundred years unexpired on the lease are often referred to as ‘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 upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This may cause difficulties when you wish to market or refinance your property as it will be effectively unmortgageable. You might not have an imminent desire to sell but when you do your buyer will need to hold off for 2 years before being able to initiate the legal procedures for an extension to the lease.

What makes us experts in Old Ford lease extensions?

Lease extensions in Old Ford can be a difficult process. We recommend you procure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Old Ford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Old Ford Lease Extension Case Studies:

Liam, Old Ford, London,

Liam owned a conversion apartment in Old Ford being sold with a lease of a little over sixty years unexpired. Liam on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Liam to invoke his statutory right. Liam procured expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.

Old Ford case:

Last Autumn we were approach by Mr and Mrs. U Watson , who moved into a studio flat in Old Ford in March 2004. The question was if we could estimate the price could be to prolong the lease by an additional years. Comparable properties in Old Ford with a long lease were valued about £200,800. The average amount of ground rent was £65 collected per annum. The lease finished in 2086. Having 60 years outstanding we calculated the premium to the freeholder for the lease extension to be within £20,900 and £24,200 not including legals.