Top reasons for East Ham lease extension

Why you should commence your East Ham lease extension today:

Increase your lease and increase your East Ham property value

The value of East Ham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in East Ham with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not finance a property on a short lease

Mortgage companies are really restricting their approach as regards to homes in East Ham with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the amount of potential buyers.

Get in touch with one of our East Ham lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in East Ham,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Ham valuers.

East Ham Lease Extension Case Summaries:

Liam, East Ham, London

In 2014 Liam, came precariously close to the 80-year mark with the lease on his leasehold flat in East Ham. Having purchased his flat twenty years ago, the length of the lease was of no importance. by good luck, he became aware that he needed to take action soon on a lease extension. Liam arranged for a lease extension at the eleventh hour in July. Liam and the landlord ultimately settled on the final figure of £5,500 . If the lease had dropped to less than eighty years, the premium would have gone up by a minimum £925.

East Ham case:

In 2014 we were phoned by Mr and Mrs. C Edwards who, having was assigned a lease of a newly refurbished apartment in East Ham in February 1995. The dilemma was if we could approximate the price would be to prolong the lease by an additional years. Comparative flats in East Ham with a long lease were worth £225,800. The mid-range ground rent payable was £60 collected yearly. The lease came to a finish on 22 October 2086. Taking into account 60 years remaining we approximated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of expenses.