Top reasons for Havering lease extension

Why you should start your Havering lease extension today:

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

On the balance of probabilities where 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 property with in excess of 100 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 property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

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

The conveyancers that we work with procure 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 conveyancer we work with provide it.

Havering Lease Extension Example Cases:

Luke, Havering, London

18 months ago Luke, came critically near to the 80-year mark with the lease on his garden apartment in Havering. Having purchased his home two decades ago, the length of the lease was of no significance. Luckily, he became aware that he would imminently be paying way over the odds for Extending the lease. Luke was able to extend his lease at the eleventh hour in May. Luke and the freeholder subsequently settled on the final figure of £5,000 . If the lease had gone to less than 80 years, the amount would have gone up by at least £1,125.

Havering case:

In 2009 we were phoned by Mrs D Lefèvre who, having acquired a studio apartment in Havering in March 2004. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative flats in Havering with an extended lease were valued around £285,000. The mid-range ground rent payable was £45 billed per annum. The lease ran out in 2098. Having 72 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.