Main reasons to start your Havering lease extension

Top reasons for lease extension now:

Increase your lease and increase your Havering property value

The value of Havering leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This may be problematic when you wish to market or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your buyer must wait 2 years before they can exercise the right to a a lease extension.

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

The conveyancers that we work with handle Havering lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Havering Lease Extension Case Summaries:

Ethan, Havering, London

During the course of the last few months Ethan, came seriously near to the eighty-year threshold with the lease on his garden apartment in Havering. In buying his home two decades ago, the unexpired term was of little concern. Thankfully, he realised he needed to take steps soon on a lease extension. Ethan was able to extend his lease just under the wire in August. Ethan and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If he not met the deadline, the premium would have gone up by at least £925.

Havering case:

Dr Eliot Laurent acquired a one bedroom flat in Havering in January 2005. We are asked if we could approximate the price could be for a ninety year lease extension. Similar homes in Havering with a long lease were valued about £225,800. The average amount of ground rent was £60 billed annually. The lease ran out on 24 April 2086. Having 60 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 plus costs.