Top reasons for Leyton lease extension

Why you should commence your Leyton lease extension today:

Increase your lease and increase your Leyton property value

Leyton residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Leyton with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend on a short lease

Lenders are inclined not lend on short residential leases. You most probably encounter problems if you need to sell your flat in Leyton if the unexpired lease term is under the criteria set by most mortgage companies. Different mortgage companies have different criteria but generally they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Leyton?

The lawyers that we work with undertake Leyton 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.

Leyton Lease Extension Case Studies:

Louise, Leyton, North East London,

Subsequent to protracted discussions with the freeholder of her leasehold apartment in Leyton, Louise commenced the lease extension process just as her lease was approaching the all-important 80-year deadline. The legal work was concluded in January 2007. The freeholder’s fees were kept to an absolute minimum.

Leyton case:

In 2012 we were approached by Mr and Mrs. S Wright who, having took over the lease of a first floor flat in Leyton in February 2003. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative premises in Leyton with 100 year plus lease were valued around £206,200. The mid-range amount of ground rent was £60 invoiced monthly. The lease lapsed on 17 November 2082. Having 56 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including legals.