Why you should start your Hainault lease extension

Why you should start your Hainault lease extension today:

Increase your lease and increase your Hainault property value

Hainault leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Hainault enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Hainault you must check if your lease has between 70 and 90 years remaining. There are good reasons why a Hainault flat owner with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay

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

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is likely that someone intending to purchase your property in the future might well do, so in the event that they are not able to get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Hainault lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Hainault,the lease extension lawyers 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 Hainault valuers.

Hainault Lease Extension Case Studies:

Georgia, Hainault, North East London,

Following lengthy discussions with the freeholder of her ground floor apartment in Hainault, Georgia initiated the lease extension process as the 80 year threshold was rapidly approaching. The lease extension was concluded in April 2015. The freeholder’s charges were kept to an absolute minimum.

Hainault case:

Last October we were e-mailed by Ms Mollie Hall , who owned a one bedroom apartment in Hainault in November 2008. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Identical residencies in Hainault with 100 year plus lease were valued around £295,000. The average ground rent payable was £45 billed monthly. The lease finished in 2100. Given that there were 74 years outstanding we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.