Top reasons for Wanstead lease extension

Main reasons to start your Wanstead lease extension today:

Increase your lease and increase your Wanstead property value

Wanstead leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Wanstead tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Wanstead you should see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties once you wish to market or refinance your flat as it will be effectively unmortgageable. You might have no imminent desire to sell but when you do your purchaser must wait 2 years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Wanstead?

The conveyancers that we work with handle Wanstead 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 conveyancer we work with provide it.

Wanstead Lease Extension Case Summaries:

Aiden, Wanstead, North East London

In recent months Aiden, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Wanstead. Having purchased his property two decades ago, the unexpired term was of no importance. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Aiden extended the lease at the eleventh hour last June. Aiden and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If the lease had gone to less than 80 years, the sum would have increased by at least £975.

Wanstead case:

Dr Edward Sánchez owned a ground floor flat in Wanstead in February 1999. The dilemma was if we could approximate the price would be for a 90 year lease extension. Identical residencies in Wanstead with an extended lease were valued about £210,000. The mid-range ground rent payable was £50 billed per annum. The lease elapsed in 2106. Considering the 80 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.