Why you should start your Leyton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Leyton property value

Leyton leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Leyton will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain situations you may not qualify. There are also strict timetables and procedures to comply with once the process has started so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Leyton with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not finance a property with a short lease

Lenders do not like short residential leases. You are likely to encounter problems where you need to sell your flat in Leyton if the remaining lease term is below the criteria set by the majority of banks and building societies. Different lenders have varying criteria but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Leyton?

Engaging our service gives you enhanced control over the value of your Leyton leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Leyton Lease Extension Example Cases:

Niamh, Leyton, North East London,

In the wake of 9 months of unsuccessful correspondence with the landlord of her basement flat in Leyton, Niamh initiated the lease extension process as the eighty year mark was swiftly advancing. The legal work was finalised in February 2007. The freeholder’s charges were kept to an absolute minimum.

Leyton case:

Last Spring we were contacted by Mr and Mrs. N Watson , who owned a basement apartment in Leyton in July 2004. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Comparable properties in Leyton with a long lease were worth £181,600. The average ground rent payable was £55 billed monthly. The lease ran out on 4 October 2077. Considering the 52 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of legals.