Top reasons for Forest Gate lease extension

Why you should commence your Forest Gate lease extension today:

Increase your lease and increase your Forest Gate property value

Forest Gate leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Forest Gate residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Forest Gate you must investigate if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

Forest Gate property with a lease extension has roughly the same value as a freehold

Leasehold properties in Forest Gate with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to issue a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to homes in Forest Gate with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting the amount of prospective buyers.

Why use us for your lease extension in Forest Gate?

Lease extensions in Forest Gate can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in lease extensions.

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 a wealth of experience procuring Forest Gate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Forest Gate Lease Extension Example Cases:

Harriet, Forest Gate, London,

After lengthy negotiations with the landlord of her studio apartment in Forest Gate, Harriet initiated the lease extension process as the 80 year threshold was fast nearing. The legal work was concluded in April 2007. The freeholder’s fees were restricted to under 650 pounds.

Forest Gate case:

Mr and Mrs. I Thomas completed a studio apartment in Forest Gate in January 2006. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparable flats in Forest Gate with a long lease were valued around £285,000. The mid-range amount of ground rent was £45 collected per annum. The lease lapsed in 2097. Considering the 71 years unexpired we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of expenses.