Main reasons to start your Hainault lease extension

Main reasons to commence your Hainault lease extension today:

A Hainault leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Hainault is a wasting asset as a result of the shortening lease. Where the lease has, more than one hundred years to run then this decrease may be fractional that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner rather than later. The majority of flat owners in Hainault will meet the qualifying criteria; however a lawyer should be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not lend with a short lease

Mortgage companies are inclined not lend on short residential leases. You are likely to experience difficulties if you need to sell your flat in Hainault if the unexpired lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Hainault?

Regardless of whether you are a tenant or a freeholder in Hainault,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hainault valuers.

Hainault Lease Extension Example Cases:

Leo, Hainault, North East London,

Leo owned a high value flat in Hainault being marketed with a lease of a few days over 61 years left. Leo on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Leo to invoke his statutory right. Leo procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Hainault case:

Last Autumn we were approach by Mr and Mrs. J Taylor , who completed a ground floor apartment in Hainault in April 2010. We are asked if we could approximate the price could be for a ninety year lease extension. Similar properties in Hainault with a long lease were worth £225,800. The average amount of ground rent was £60 collected per annum. The lease finished on 13 June 2086. Considering the 60 years remaining we calculated the premium to the landlord for the lease extension to be within £23,800 and £27,400 not including legals.