Top reasons for Old Ford lease extension

Why you should start your Old Ford lease extension today:

Increase your lease and increase your Old Ford property value

For those whose Old Ford flat is held on a long lease, our message is clear – if you do nothing, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You most probably experience problems where you want to sell your flat in Old Ford if the remaining term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Old Ford lease extension solicitors or enfranchisement solicitors

Using our service will provide you better control over the value of your Old Ford leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Old Ford Lease Extension Example Cases:

Nathaniel, Old Ford, London

In 2014 Nathaniel, started to get close to the eighty-year threshold with the lease on his two bedroom apartment in Old Ford. In buying his flat two decades ago, the length of the lease was of no interest. by good luck, he noticed he would imminently be paying an escalated premium for Extending the lease. Nathaniel was able to extend his lease at the eleventh hour in May. Nathaniel and the freeholder eventually settled on an amount of £5,500 . If the lease had fallen to less than 80 years, the premium would have become more costly by at least £1,075.

Old Ford case:

In 2014 we were called by Mr and Mrs. K Morris who, having moved into a newly refurbished flat in Old Ford in February 2007. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Similar flats in Old Ford with an extended lease were valued around £245,000. The mid-range amount of ground rent was £50 collected per annum. The lease came to a finish on 24 March 2094. Taking into account 68 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.