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Top reasons for Havering lease extension

Why you should commence your Havering lease extension today:

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

The market value of Havering leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is below than 80 years

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not lend on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Havering property becoming difficult to sell or to obtain finance on.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Havering lease extensions?

Lease extensions in Havering can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 procuring Havering lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Havering Lease Extension Example Cases:

Mia, Havering, London,

Trailing unsuccessful negotiations with the landlord of her leasehold flat in Havering, Mia started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was finalised in July 2012. The landlord’s fees were kept to an absolute minimum.

Havering case:

Mr Alfie Reed bought a ground floor apartment in Havering in July 2004. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical residencies in Havering with a long lease were in the region of £208,600. The average ground rent payable was £60 invoiced quarterly. The lease terminated on 21 September 2082. Given that there were 57 years left we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of legals.

Decision in Havering

An example of a Lease Extension decision for a Havering premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired residue of the current lease was 57.5 years.