Top reasons for Chingford lease extension

Why you should commence your Chingford lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chingford. Inevitably, the length of lease left reduces as time goes by. This is often overlooked and only raises itself as an issue when the residence has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in Chingford have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Chingford lease extension. Putting off the cost now simply increases the price you will eventually incur to extend your lease

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

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term slips beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Chingford property.

What makes us experts in Chingford lease extensions?

Using our service will provide you enhanced control over the value of your Chingford leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chingford Lease Extension Example Cases:

Abigail, Chingford, North East London,

Following lengthy negotiations with the landlord of her one bedroom flat in Chingford, Abigail initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The transaction was concluded in April 2012. The landlord’s costs were kept to an absolute minimum.

Chingford case:

Last Summer we were approach by Mr S Bernard , who moved into a basement flat in Chingford in June 1996. We are asked if we could estimate the premium would be for a ninety year lease extension. Similar residencies in Chingford with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed annually. The lease concluded on 14 June 2102. Given that there were 76 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.