Main reasons to commence your Wanstead lease extension

Why you should commence your Wanstead lease extension today:

Increase your lease and increase your Wanstead property value

The only way is down when it comes to Wanstead lease terms. Wanstead flats that have a residual term shorter than 80 years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.

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

Leasehold properties in Wanstead with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not finance a property with a short lease

Lenders are really restricting their approach as regards to properties in Wanstead with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

What makes us experts in Wanstead lease extensions?

Lease extensions in Wanstead can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in this area.

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:

Daisy, Wanstead, North East London,

Trailing lengthy discussions with the landlord of her studio apartment in Wanstead, Daisy started the lease extension process as the 80 year mark was fast advancing. The lease extension completed in January 2006. The freeholder’s charges were restricted to under 450 GBP.

Wanstead case:

In 2009 we were e-mailed by Mr and Mrs. O Bell who, having purchased a newly refurbished flat in Wanstead in February 2007. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Comparative premises in Wanstead with 100 year plus lease were in the region of £198,800. The average amount of ground rent was £55 invoiced yearly. The lease expired on 15 October 2081. Taking into account 55 years remaining we estimated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of costs.