Top reasons for Hornchurch lease extension

Main reasons to start your Hornchurch lease extension today:

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

It’s a harsh certainty that a Hornchurch residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Hornchurch property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining dips below eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Hornchurch will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the formalities.

An extended lease is almost the same value as a freehold

Leasehold properties in Hornchurch with more than one hundred years left on the lease are sometimes regarded as a ‘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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to grant a mortgage on a short lease

Banks and building societies are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. As a number of flats in Hornchurch were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Hornchurch?

Lease extensions in Hornchurch can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.

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 dealing with 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 Example Cases:

Teddy, Hornchurch, London

14 months ago Teddy, started to get close to the eighty-year threshold with the lease on his garden apartment in Hornchurch. Having bought his home 18 years ago, the length of the lease was of no interest. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Teddy extended the lease at the eleventh hour in April. Teddy and the landlord ultimately settled on an amount of £5,000 . If the lease had descended below 80 years, the price would have escalated by a minimum £1,075.

Hornchurch case:

In 2012 we were e-mailed by Mr A Davies who, having took over the lease of a ground floor apartment in Hornchurch in February 2011. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Similar flats in Hornchurch with an extended lease were in the region of £260,200. The average amount of ground rent was £65 collected annually. The lease lapsed on 17 April 2092. Considering the 66 years left we estimated the premium to the landlord for the lease extension to be within £16,200 and £18,600 not including professional charges.