Top reasons for Forest Gate lease extension

Top reasons for lease extension now:

Increase your lease and increase your Forest Gate property value

For those whose Forest Gate flat is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

Forest Gate property with a lease extension has roughly the same value as a freehold

Leasehold premises in Forest Gate with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at seventy five years outstanding on the lease; others may be content with anything with more than seventy years. With less than sixty years, it may be challenging to obtain a mortgage at all.

Why use us for your lease extension in Forest Gate?

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

Forest Gate Lease Extension Example Cases:

Jack, Forest Gate, London,

Jack was the the leasehold proprietor of a high value flat in Forest Gate being marketed with a lease of just over fifty eight years outstanding. Jack informally spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be due on a lease extension were Jack to invoke his statutory right. Jack procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Forest Gate case:

Last month we were contacted by Dr A David , who purchased a one bedroom flat in Forest Gate in February 1997. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Identical homes in Forest Gate with an extended lease were valued about £205,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease concluded in 2105. Taking into account 79 years as a residual term we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.