Main reasons to commence your Hornchurch lease extension

Why you should commence your Hornchurch lease extension today:

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

Hornchurch leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Hornchurch enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Hornchurch you should investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wishing to acquire your property in the future might well do, so if they are not able to obtain a mortgage, then the market price of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Hornchurch?

Lease extensions in Hornchurch can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.

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 Hornchurch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hornchurch Lease Extension Example Cases:

Tia, Hornchurch, London,

Off the back of lengthy negotiations with the freeholder of her first floor flat in Hornchurch, Tia started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The lease extension was finalised in October 2012. The landlord’s costs were restricted to under 650 GBP.

Hornchurch case:

Mr and Mrs. O Roux owned a recently refurbished flat in Hornchurch in September 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparable flats in Hornchurch with a long lease were in the region of £275,000. The mid-range amount of ground rent was £45 collected annually. The lease ran out in 2094. Taking into account 68 years left we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of costs.