Why you should start your Little Ilford lease extension

Why you should start your Little Ilford lease extension today:

Increase your lease and increase your Little Ilford property value

For those whose Little Ilford property is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

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

Leasehold residencies in Little Ilford with in excess of one hundred 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders will not issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so if they can't get a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Little Ilford lease extensions?

Lease extensions in Little Ilford can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.

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

Little Ilford Lease Extension Case Studies:

Stephanie, Little Ilford, London,

Following unsuccessful negotiations with the landlord of her two bedroom flat in Little Ilford, Stephanie commenced the lease extension process as the 80 year deadline was quickly advancing. The legal work completed in February 2012. The freeholder’s costs were kept to an absolute minimum.

Little Ilford case:

In 2010 we were called by Ms Erin Torres who, having took over the lease of a recently refurbished flat in Little Ilford in July 2004. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative homes in Little Ilford with a long lease were in the region of £191,400. The average amount of ground rent was £55 billed monthly. The lease finished on 12 April 2080. Considering the 54 years unexpired we estimated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 exclusive of expenses.