The only way is down when it comes to Wanstead lease terms. Wanstead flats that have a remaining term less than than 80 years will de-escalate in value even faster, and the cost to extend your lease will increase.
It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Wanstead can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.
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 procuring Wanstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Henry, came very near to the 80-year mark with the lease on his purpose- built apartment in Wanstead. Having purchased his flat 19 years ago, the unexpired term was of minimal importance. As luck would have it, he became aware that he would soon be paying an inflated amount for a lease extension. Henry arranged for a lease extension just under the wire in March. Henry and the freeholder in the end agreed on sum of £6,000 . If he failed to meet the deadline, the sum would have become more costly by at least £875.
Last March we were approach by Ms F Robinson , who took over the lease of a ground floor apartment in Wanstead in July 2009. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Comparable properties in Wanstead with an extended lease were in the region of £225,800. The average ground rent payable was £60 billed yearly. The lease lapsed on 21 October 2086. Given that there were 60 years remaining we estimated the premium to the freeholder for the lease extension to be between £25,700 and £29,600 plus expenses.
An example of a Freehold Enfranchisement case 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 affected 2 flats. The unexpired lease term was 73.92 years.