Why you should start your Leyton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Leyton property value

There is no doubt about it a leasehold property in Leyton is a wasting asset as a result of the shortening lease. Where the residual term has, beyond 125 years remaining then this decrease may be fractional however there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner as opposed to later. Many flat owners in Leyton will qualify for this right; however a conveyancing solicitor can confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold residencies in Leyton with more than 100 years left on the lease are sometimes referred to as ‘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 service charges justify it.

Mortgage lenders may not loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic when you need to sell or refinance your property as it will be effectively unmortgageable. You might have no immediate plan to sell but when you do your purchaser must wait 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Leyton lease extensions?

Lease extensions in Leyton can be a difficult process. We recommend you obtain professional help from a conveyancer 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 in-depth market knowledge dealing with 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 Studies:

Laura, Leyton, North East London,

Off the back of protracted discussions with the landlord of her purpose-built flat in Leyton, Laura commenced the lease extension process as the 80 year mark was rapidly approaching. The lease extension was concluded in November 2011. The freeholder’s fees were negotiated to a tad over six hundred pounds.

Leyton case:

In 2009 we were contacted by Mr and Mrs. D Bennett who, having completed a one bedroom apartment in Leyton in April 2006. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Identical properties in Leyton with an extended lease were in the region of £181,600. The average amount of ground rent was £55 collected quarterly. The lease ended on 20 September 2078. Given that there were 52 years unexpired we approximated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including expenses.