Main reasons to start your Hornchurch lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hornchurch property value

On the balance of probabilities if you own a flat in Hornchurch you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Hornchurch with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Hornchurch with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

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

Lease extensions in Hornchurch can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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

Hornchurch Lease Extension Case Summaries:

Dexter, Hornchurch, London,

Dexter was the the leasehold owner of a 2 bedroom apartment in Hornchurch being sold with a lease of a little over 61 years unexpired. Dexter informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Dexter to exercise his statutory right. Dexter obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Hornchurch case:

Dr H François completed a studio apartment in Hornchurch in March 2005. We are asked if we could approximate the price could be for a ninety year lease extension. Similar flats in Hornchurch with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £45 invoiced yearly. The lease finished in 2100. Taking into account 74 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.