Main reasons to commence your East Ham lease extension

Top reasons for lease extension now:

Increase your lease and increase your East Ham property value

It’s a harsh certainty that a East Ham residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the East Ham property market.Once your lease nears 85ish years, you need to start considering a lease extension. If lease term drops under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of leasehold owners in East Ham will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your lawyer throughout the process.

East Ham property with a lease extension has roughly the same value as a freehold

Leasehold residencies in East Ham with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not loan monies with a short lease

Many mortgage lenders require a lengthy amount of time left on any leasehold residence before they will consider lending on it. Even if you don't need a mortgage, you should be mindful that it is likely that someone wishing to acquire your property in the future might well do, so where they can't obtain a mortgage, then the value of the property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in East Ham lease extensions?

Retaining our service gives you enhanced control over the value of your East Ham 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.

East Ham Lease Extension Example Cases:

Max, East Ham, London,

Max owned a conversion apartment in East Ham on the market with a lease of just over fifty eight years outstanding. Max on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Max to exercise his statutory right. Max procured expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.

East Ham case:

Last Christmas we were phoned by Dr O Rogers , who owned a ground floor flat in East Ham in May 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Identical residencies in East Ham with an extended lease were valued around £295,000. The average amount of ground rent was £50 billed quarterly. The lease terminated in 2101. Having 75 years left we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus fees.