Top reasons for Homerton lease extension

Main reasons to commence your Homerton lease extension today:

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

When it comes to residential leasehold property in Homerton, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially when there are less than 80 years remaining. Residents in Homerton with a lease drawing near to 81 years unexpired should seriously consider extending it without delay. Once the lease term has below eighty years left, under the current legislation the landlord is entitled to calculate and levy a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to finance a property with a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term slips under a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Homerton home.

Why use us for your lease extension in Homerton?

Lease extensions in Homerton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 dealing with Homerton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Homerton Lease Extension Example Cases:

Ellie, Homerton, London,

Following lengthy negotiations with the freeholder of her two bedroom apartment in Homerton, Ellie commenced the lease extension process just as her lease was nearing the crucial eighty-year deadline. The transaction was finalised in November 2010. The freeholder’s fees were kept to an absolute minimum.

Homerton case:

In 2010 we were e-mailed by Mr S García who, having bought a first floor apartment in Homerton in April 2012. The dilemma was if we could estimate the premium would likely be to prolong the lease by ninety years. Identical premises in Homerton with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 invoiced yearly. The lease ran out on 27 October 2102. Given that there were 76 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.