Romford Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Romford
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Romford lease extension

Top reasons for lease extension now:

A Romford lease depreciates with the years remaining on the lease.

The market value of Romford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is below than 80 years

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

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage on a short lease

Many banks and building societies will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Romford property becoming difficult to dispose of or remortgage.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Romford?

Irrespective of whether you are a tenant or a landlord in Romford,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Romford valuers.

Romford Lease Extension Example Cases:

Alisha, Romford, Essex,

Following lengthy negotiations with the freeholder of her basement flat in Romford, Alisha initiated the lease extension process as the eighty year deadline was quickly coming. The lease extension completed in July 2011. The landlord’s charges were restricted to about 550 pounds.

Romford case:

Last year we were phoned by Dr Leon Girard , who purchased a studio flat in Romford in November 2007. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable flats in Romford with an extended lease were worth £235,600. The average ground rent payable was £60 billed annually. The lease elapsed on 11 February 2086. Considering the 62 years unexpired we estimated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 plus expenses.

Decision in Havering

An example of a Lease Extension decision for a Romford residence 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 related to 1 flat. The unexpired lease term was 57.5 years.