Homerton Lease Extension - Free Consultation

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Top reasons for Homerton lease extension

Main reasons to commence your Homerton lease extension today:

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

Homerton leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Homerton will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

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

It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage with a short lease

Many mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so where they can't obtain a mortgage, then the value of your property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

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

Using our service gives you enhanced control over the value of your Homerton leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Homerton Lease Extension Case Summaries:

Isabelle, Homerton, London,

Trailing unsuccessful correspondence with the landlord of her basement apartment in Homerton, Isabelle initiated the lease extension process just as the lease was nearing the crucial eighty-year threshold. The lease extension was concluded in July 2011. The landlord’s fees were restricted to below 650 pounds.

Homerton case:

Last year we were e-mailed by Mr and Mrs. W Richardson , who completed a garden flat in Homerton in February 1995. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparable homes in Homerton with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease came to a finish on 7 November 2093. Given that there were 69 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.

Decision in Hackney

An example of a Freehold Enfranchisement case for a Homerton residence is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case affected 10 flats. The unexpired residue of the current lease was 71.25 years.