Why you should start your Havering lease extension

Why you should commence your Havering lease extension today:

Increase your lease and increase your Havering property value

Chances are that if you own a flat in Havering you actually own a long leasehold interest over your property

Havering property with a lease extension is almost 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 additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to loan monies on a short lease

Lenders do not like short residential leases. You are likely to experience difficulties if you need to sell your flat in Havering if the unexpired term of your lease is under the criteria set by the majority of mortgage companies. Different lenders have varying requirements but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Havering lease extensions?

Lease extensions in Havering can be a difficult process. We recommend you procure professional help 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 dealing with 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 Case Summaries:

Edward, Havering, London,

Edward owned a conversion flat in Havering on the market with a lease of a few days over 59 years remaining. Edward informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Edward to exercise his statutory right. Edward procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Havering case:

In 2014 we were approached by Mr and Mrs. G González who, having moved into a purpose-built apartment in Havering in May 1997. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparative homes in Havering with a long lease were in the region of £300,000. The average ground rent payable was £50 invoiced quarterly. The lease came to a finish in 2102. Given that there were 76 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including costs.