Main reasons to commence your Leyton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Leyton property value

Leyton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Leyton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Leyton you really ought to investigate if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Leyton property with a lease extension is almost the same value as a freehold

Leasehold premises in Leyton with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not loan monies on a short lease

Many mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will consider lending on it. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

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

The conveyancers 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 conveyancing solicitor we work with provide it.

Leyton Lease Extension Example Cases:

Oscar, Leyton, North East London

Last Winter Oscar, came critically near to the eighty-year threshold with the lease on his first floor apartment in Leyton. In buying his property 19 years ago, the unexpired term was of minimal significance. Thankfully, he recognised he would soon be paying an inflated amount for Extending the lease. Oscar arranged for a lease extension just in the nick of time in May. Oscar and the freeholder via the managing agents subsequently settled on sum of £6,000 . If he had missed the deadline, the figure would have become more costly by at least £875.

Leyton case:

Mrs Amber Rogers acquired a basement apartment in Leyton in February 1998. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparable flats in Leyton with an extended lease were worth £300,000. The mid-range ground rent payable was £50 collected annually. The lease termination date was on 21 January 2101. Considering the 75 years unexpired we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.