Why you should start your Hornchurch lease extension
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Main reasons to start your Hornchurch lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/hornchurch">Hornchurch</a> property value </h4>
<p> Unfortunately that a Hornchurch residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Hornchurch property market.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining falls below eighty years, you will then be required to pay 50% 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 The majority of flat owners in Hornchurch will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.
<h4>An extended lease is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent 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 decades to come.
<h4>Lenders may not issue a mortgage on a short lease</h4> Nearly all mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be aware that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of your property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on <p>
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<th> Requirement
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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Why use us for your lease extension in Hornchurch? </h4>
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Lease extensions in Hornchurch can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
<p>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 a wealth of experience 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.
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Hornchurch Lease Extension Case Studies:
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<h5> Luca, Hornchurch, London,</h5>
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Luca was the the leasehold proprietor of a high value flat in Hornchurch on the market with a lease of just over 59 years unexpired. Luca on an informal basis approached 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 on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Luca to invoke his statutory right. Luca procured expert advice and secured an acceptable deal without resorting to tribunal and sell the property.
<h5>Hornchurch case:</h5>
<p> Mr and Mrs. R Cooper purchased a purpose-built flat in Hornchurch in October 2007. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparative flats in Hornchurch with 100 year plus lease were in the region of £181,600. The mid-range amount of ground rent was £55 collected per annum. The lease concluded on 16 September 2078. Taking into account 52 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 plus professional charges.
<div> <h5>Decision in Havering</h5>
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An example of a Lease Extension case for a Hornchurch premises is
37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559
This case was in relation to 1 flat. The unexpired term as at the valuation date was 57.5 years.
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