Top reasons for Forest Gate lease extension

Main reasons to commence your Forest Gate lease extension today:

A Forest Gate lease depreciates with the years remaining on the lease.

The value of Forest Gate leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

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

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone intending to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Forest Gate?

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

Forest Gate Lease Extension Case Studies:

Robyn, Forest Gate, London,

Following unsuccessful correspondence with the landlord of her purpose-built flat in Forest Gate, Robyn initiated the lease extension process as the 80 year threshold was rapidly nearing. The lease extension was concluded in October 2015. The landlord’s costs were kept to an absolute minimum.

Forest Gate case:

Mr R Carter purchased a newly refurbished flat in Forest Gate in March 2001. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Similar flats in Forest Gate with an extended lease were in the region of £181,600. The average amount of ground rent was £55 invoiced quarterly. The lease expired on 24 March 2078. Considering the 52 years outstanding we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including costs.