Top reasons for Wanstead lease extension

Main reasons to start your Wanstead lease extension today:

Increase your lease and increase your Wanstead property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Wanstead have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Wanstead lease extension. Postponing that expense now simply increases the price you will ultimately have to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Wanstead with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

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

Mortgage companies do not like short residential leases. You most probably encounter difficulties if you need to sell your flat in Wanstead if the unexpired term of your lease is under the criteria set by most lenders. Different mortgage companies have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Wanstead lease extensions?

The conveyancing solicitors 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 lawyer we work with provide it.

Wanstead Lease Extension Example Cases:

Austin, Wanstead, North East London

During the course of the last few months Austin, came dangerously close to the eighty-year threshold with the lease on his purpose- built flat in Wanstead. In buying his flat two decades ago, the length of the lease was of minimal interest. Luckily, he realised he would imminently be paying an escalated premium for Extending the lease. Austin extended the lease at the eleventh hour last July. Austin and the landlord in the end agreed on a premium of £6,000 . If the lease had fallen lower than 80 years, the sum would have gone up by a minimum £1,150.

Wanstead case:

In 2013 we were phoned by Dr Katherine Harris who, having purchased a first floor flat in Wanstead in September 1997. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable homes in Wanstead with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced annually. The lease came to a finish in 2098. Having 72 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.