Main reasons to start your Hornchurch lease extension

Main reasons to start your Hornchurch lease extension today:

Increase your lease and increase your Hornchurch property value

The value of Hornchurch leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to lend 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 will cause difficulties when you need to sell or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an immediate intention to sell but when you do your purchaser must wait 2 years before they can commence the legal procedures for a lease extension.

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

The conveyancing solicitors that we work with undertake Hornchurch 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 lawyer we work with provide it.

Hornchurch Lease Extension Example Cases:

Ollie, Hornchurch, London

Half a year ago Ollie, started to get close to the eighty-year mark with the lease on his garden flat in Hornchurch. Having purchased his property twenty years ago, the unexpired term was of no importance. Luckily, he recognised he would soon be paying an escalated premium for a lease extension. Ollie was able to extend his lease just under the wire last April. Ollie and the landlord subsequently settled on a premium of £6,000 . If he failed to meet the deadline, the premium would have gone up by a minimum £1,025.

Hornchurch case:

Dr Elijah Gómez moved into a garden flat in Hornchurch in November 1997. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Similar premises in Hornchurch with a long lease were worth £174,200. The mid-range ground rent payable was £55 billed annually. The lease termination date was on 2 July 2077. Having 51 years outstanding we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 not including fees.