Why you should start your Canning Town lease extension

Why you should commence your Canning Town lease extension today:

Increase your lease and increase your Canning Town property value

The only way is down when it comes to Canning Town lease terms. Canning Town leaseholds that have a lease term fewer than 80 years will drop in value at a rapid rate, and the cost of extending your lease will go up.

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

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems if you want to sell your flat in Canning Town if the unexpired term of your lease is less than the criteria set by most mortgage companies. Different lenders have varying criteria but in the main they are looking for an unexpired term of at least seventy years.

What makes us experts in Canning Town lease extensions?

Lease extensions in Canning Town can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 procuring Canning Town lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Canning Town Lease Extension Example Cases:

Bethany, Canning Town, London,

Subsequent to lengthy negotiations with the freeholder of her two bedroom flat in Canning Town, Bethany initiated the lease extension process just as her lease was nearing the crucial eighty-year threshold. The lease extension was finalised in July 2010. The landlord’s costs were kept to an absolute minimum.

Canning Town case:

Last year we were phoned by Mr and Mrs. U Phillips , who completed a newly refurbished apartment in Canning Town in January 2000. We are asked if we could approximate the price could be for a ninety year extension to my lease. Similar homes in Canning Town with an extended lease were worth £265,000. The average amount of ground rent was £50 collected annually. The lease expired on 27 August 2099. Given that there were 73 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.