Main reasons to commence your Chingford lease extension

Why you should start your Chingford lease extension today:

A Chingford lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chingford. Inevitably, the term of lease remaining reduces over time. This may pass by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Chingford have the right to extend the lease for a further ninety years in accordance with legislation. You should give careful consideration before delaying your Chingford lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property on a short lease

Banks and building societies do not like short residential leases. You most probably experience difficulties where you need to sell your flat in Chingford if the remaining term of your lease is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Chingford?

Retaining our service gives you better control over the value of your Chingford leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chingford Lease Extension Example Cases:

Emma, Chingford, North East London,

After lengthy negotiations with the freeholder of her leasehold flat in Chingford, Emma commenced the lease extension process just as her lease was coming close to the critical eighty-year threshold. The transaction was finalised in November 2005. The freeholder’s fees were negotiated to approximately 600 pounds.

Chingford case:

Mr and Mrs. A Davis acquired a studio apartment in Chingford in June 2008. The question was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Similar flats in Chingford with a long lease were in the region of £193,400. The average amount of ground rent was £65 billed per annum. The lease expired on 12 November 2085. Having 59 years as a residual term we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including expenses.