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Why you should commence your Wanstead lease extension

Top reasons for lease extension now:

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

Wanstead residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not grant a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. As a number of flats in Wanstead were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Wanstead lease extensions?

Irrespective of whether you are a tenant or a landlord in Wanstead,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wanstead valuers.

Wanstead Lease Extension Case Summaries:

Danielle, Wanstead, North East London,

Subsequent to unsuccessful negotiations with the landlord of her one bedroom flat in Wanstead, Danielle commenced the lease extension process just as her lease was approaching the crucial eighty-year mark. The lease extension was concluded in October 2009. The freeholder’s costs were kept to an absolute minimum.

Wanstead case:

Last Winter we were called by Mr and Mrs. P Pérez , who owned a one bedroom apartment in Wanstead in June 2008. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar homes in Wanstead with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 billed monthly. The lease elapsed in 2084. Taking into account 60 years remaining we calculated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 plus costs.

Decision in Redbridge

An example of a Freehold Enfranchisement decision for a Wanstead residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The remaining number of years on the lease was 73.92 years.