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Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to start your Forest Gate lease extension

Main reasons to start your Forest Gate lease extension today:

Increase your lease and increase your Forest Gate property value

The only way is down when it comes to Forest Gate lease terms. Forest Gate flats that have a lease term lower than eighty years will drop in market price even faster, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are wanting to refinance your Forest Gate property.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.

Get in touch with one of our Forest Gate lease extension solicitors or enfranchisement solicitors

Using our service gives you better 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 decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Forest Gate Lease Extension Example Cases:

Ben, Forest Gate, London

Last Autumn Ben, started to get near to the 80-year mark with the lease on his ground floor flat in Forest Gate. In buying his property 19 years previously, the unexpired term was of no interest. by good luck, he became aware that he needed to take action soon on Extending the lease. Ben extended the lease at the eleventh hour last September. Ben and the freeholder via the managing agents ultimately agreed on an amount of £5,500 . If the lease had slipped below 80 years, the sum would have become more costly by a minimum £1,150.

Forest Gate case:

Last Spring we were phoned by Mr Luca King , who took over the lease of a ground floor apartment in Forest Gate in January 2011. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative homes in Forest Gate with a long lease were in the region of £208,600. The average ground rent payable was £60 billed yearly. The lease concluded on 22 February 2082. Considering the 57 years unexpired we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.

Decision in Newham

An example of a Freehold Enfranchisement matter before the tribunal for a Forest Gate premises is 52 & 54 Green Street in February 2010. Following a vesting order by the County Court the Tribunal decided that the price that the Applicant for the freehold interest should pay is £20,543 This case related to 2 flats. The remaining number of years on the lease was 78 and 80.