Top reasons for East London lease extension

Top reasons for lease extension now:

Increase your lease and increase your East London property value

Unfortunately that a East London residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the East London property market.Once your lease nears 85ish years, you need to start considering a lease extension. If lease term drops under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in East London will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to lend with a short lease

What makes us experts in East London lease extensions?

Lease extensions in East London can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 a wealth of experience procuring East London lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East London Lease Extension Case Summaries:

Katie, East London, London,

In the wake of 9 months of unsuccessful negotiations with the freeholder of her leasehold flat in East London, Katie commenced the lease extension process as the eighty year deadline was swiftly nearing. The lease extension completed in June 2005. The freeholder’s fees were kept to an absolute minimum.

East London case:

Last Winter we were called by Mr and Mrs. V Cox , who completed a first floor flat in East London in February 2007. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in East London with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease lapsed in 2098. Considering the 72 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.