Top reasons for Wanstead lease extension

Top reasons for lease extension now:

A Wanstead leasehold property depreciates with the years remaining on the lease.

The value of Wanstead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Wanstead with over one hundred 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to loan monies with a short lease

Most banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Wanstead property becoming difficult to dispose of or refinance.

What makes us experts in Wanstead lease extensions?

Lease extensions in Wanstead can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Wanstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wanstead Lease Extension Example Cases:

Alice, Wanstead, North East London,

Off the back of lengthy negotiations with the landlord of her leasehold flat in Wanstead, Alice started the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension was finalised in July 2014. The freeholder’s fees were kept to an absolute minimum.

Wanstead case:

In 2009 we were e-mailed by Ms Y Nelson who, having completed a first floor flat in Wanstead in May 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Wanstead with 100 year plus lease were valued around £300,000. The mid-range amount of ground rent was £50 billed monthly. The lease terminated on 2 July 2102. Given that there were 76 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.