Why you should start your Goodmayes lease extension

Top reasons for lease extension now:

A Goodmayes lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Goodmayes may extend the lease for a further 90 years under legislation. Please think carefully before delaying your Goodmayes lease extension. Shelving the costs today simply increases the amount you will ultimately be required to pay to extend the lease.

Goodmayes property with a lease extension is almost the same value as a freehold

Leasehold residencies in Goodmayes with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not issue a mortgage on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be deficient for lending purposes.

Why use us for your lease extension in Goodmayes?

Lease extensions in Goodmayes can be a difficult process. We recommend you procure guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Goodmayes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Goodmayes Lease Extension Example Cases:

Dexter, Goodmayes, Essex,

Dexter was the the leasehold owner of a studio flat in Goodmayes being sold with a lease of fraction over 61 years left. Dexter on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Dexter to exercise his statutory right. Dexter procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.

Goodmayes case:

Last Spring we were e-mailed by Mr Alex Stewart , who was assigned a lease of a purpose-built apartment in Goodmayes in May 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative properties in Goodmayes with a long lease were valued around £300,000. The mid-range amount of ground rent was £50 collected yearly. The lease elapsed in 2101. Having 75 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.