Why you should start your Snaresbrook lease extension

Why you should start your Snaresbrook lease extension today:

Increase your lease and increase your Snaresbrook property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Snaresbrook. Inevitably, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the residence has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Snaresbrook have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. You should give careful attention before putting off your Snaresbrook lease extension. Holding off that expense now likely increases the price you will ultimately have to pay for a lease extension

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

Leasehold properties in Snaresbrook with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may not grant a mortgage on a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Many will simply refrain from lending at all once the residual lease term slips under a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Snaresbrook property.

Why use us for your lease extension in Snaresbrook?

The conveyancers that we work with procure Snaresbrook lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Snaresbrook Lease Extension Case Summaries:

Owen, Snaresbrook, North East London

Two years ago Owen, started to get near to the eighty-year threshold with the lease on his first floor apartment in Snaresbrook. Having purchased his home two decades ago, the lease term was of little importance. Thankfully, he became aware that he needed to take action soon on a lease extension. Owen was able to extend his lease at the eleventh hour in April. Owen and the landlord who owned the flat above ultimately settled on an amount of £5,500 . If the lease had descended below eighty years, the sum would have become more exhorbitant by at least £925.

Snaresbrook case:

In 2011 we were e-mailed by Mr and Mrs. A Martínez who, having moved into a first floor apartment in Snaresbrook in June 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Similar flats in Snaresbrook with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease concluded in 2103. Having 79 years left we estimated the premium to the freeholder to extend the lease to be between £7,600 and £8,800 exclusive of expenses.