Why you should commence your Goodmayes lease extension

Why you should commence your Goodmayes lease extension today:

Increase your lease and increase your Goodmayes property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Goodmayes may extend the lease for an additional 90 years in accordance with legislation. Do give careful consideration before delaying your Goodmayes lease extension. Postponing that expense now simply escalates the premium you will eventually be required to pay to extend the lease.

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

Leasehold premises in Goodmayes with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage with a short lease

What makes us experts in Goodmayes lease extensions?

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

Goodmayes Lease Extension Example Cases:

Rachael, Goodmayes, Essex,

Subsequent to protracted correspondence with the freeholder of her one bedroom apartment in Goodmayes, Rachael initiated the lease extension process as the 80 year mark was fast approaching. The legal work was concluded in February 2008. The landlord’s fees were negotiated to under 500 pounds.

Goodmayes case:

Mr and Mrs. I Roux was assigned a lease of a studio apartment in Goodmayes in May 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar flats in Goodmayes with an extended lease were in the region of £206,200. The mid-range ground rent payable was £60 invoiced annually. The lease terminated on 18 March 2082. Considering the 56 years remaining we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.