Main reasons to start your Hornchurch lease extension

Main reasons to commence your Hornchurch lease extension today:

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

The market value of Hornchurch 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 increase significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties as and when you come to sell or refinance your property as it will be effectively unmortgageable. Even though you might have no imminent desire to sell but when you do your buyer will have to hold off for two years before being able to commence the legal procedures for an extension to the lease.

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

Regardless of whether you are a tenant or a freeholder in Hornchurch,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hornchurch valuers.

Hornchurch Lease Extension Case Summaries:

Tyler, Hornchurch, London,

Tyler was the the leasehold owner of a conversion flat in Hornchurch on the market with a lease of just over sixty years unexpired. Tyler informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Tyler to exercise his statutory right. Tyler obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Hornchurch case:

Last year we were called by Mr and Mrs. S Lee , who was assigned a lease of a studio apartment in Hornchurch in October 2005. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Identical flats in Hornchurch with a long lease were in the region of £200,000. The average ground rent payable was £50 collected per annum. The lease finished on 28 April 2104. Given that there were 78 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.