Top reasons for Leyton lease extension

Main reasons to commence your Leyton lease extension today:

A Leyton lease depreciates with the years remaining on the lease.

The market value of Leyton 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 escalate substantially once the remaining term is below than 80 years

Leyton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Leyton with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may not loan monies with a short lease

Lending institutions are less likely to issue a loan offer on a domestic property in Leyton with a short lease. Many lenders simply refuse to lend on leases with less than 75 years left.

Why use us for your lease extension in Leyton?

Lease extensions in Leyton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 Leyton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Leyton Lease Extension Case Summaries:

Gemma, Leyton, North East London,

Off the back of unsuccessful discussions with the landlord of her studio flat in Leyton, Gemma started the lease extension process just as her lease was nearing the crucial 80-year deadline. The transaction was finalised in January 2005. The landlord’s charges were restricted to below 700 pounds.

Leyton case:

In 2009 we were contacted by Mrs Ellen Roberts who, having moved into a purpose-built flat in Leyton in October 1997. We are asked if we could approximate the premium would likely be to prolong the lease by 90 years. Comparative properties in Leyton with a long lease were valued about £200,000. The mid-range ground rent payable was £50 invoiced annually. The lease ran out in 2102. Having 77 years unexpired we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.