Stop! Your Lease Extension in Goodmayes Could Be FREE

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Many leaseholders in Goodmayes are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Goodmayes has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Goodmayes lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Goodmayes you actually own a long leasehold interest over your property

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

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties as and when you need to dispose of or refinance your property as it will be practically unmortgageable. Even though you might not have an imminent plan to sell but when you do your purchaser will need to hold off for a couple of years before they can commence the legal procedures for a lease extension.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

What makes us experts in Goodmayes lease extensions?

Engaging our service gives you increased control over the value of your Goodmayes leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Goodmayes Lease Extension Case Summaries:

Caitlin, Goodmayes, Essex,

Off the back of unsuccessful correspondence with the freeholder of her leasehold apartment in Goodmayes, Caitlin commenced the lease extension process as the 80 year deadline was rapidly nearing. The transaction completed in May 2012. The landlord’s costs were kept to an absolute minimum.

Goodmayes case:

Last month we were phoned by Mr Aiden Bernard , who was assigned a lease of a first floor flat in Goodmayes in September 2000. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparable flats in Goodmayes with a long lease were worth £275,000. The average ground rent payable was £65 collected quarterly. The lease expired in 2094. Having 68 years as a residual term we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.

Decision in Redbridge

An example of a Lease Extension matter before the tribunal for a Goodmayes premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The unexpired lease term was 61.36 years.