Little Ilford Lease Extension - Free Consultation

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Top reasons for Little Ilford lease extension

Main reasons to commence your Little Ilford lease extension today:

Increase your lease and increase your Little Ilford property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Little Ilford have the right to extend the lease for a further ninety years in accordance with statute. Please give careful consideration before delaying your Little Ilford lease extension. Shelving the costs today simply increases the amount you will eventually have to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

Lenders do not like short residential leases. You are likely to experience problems if you want to sell your flat in Little Ilford if the unexpired lease term is below the criteria set by most banks and building societies. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least 65 years.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Little Ilford lease extensions?

Irrespective of whether you are a tenant or a landlord in Little Ilford,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Little Ilford valuers.

Little Ilford Lease Extension Example Cases:

Alfie, Little Ilford, London,

Alfie owned a high value flat in Little Ilford being marketed with a lease of just over sixty years unexpired. Alfie informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Alfie to invoke his statutory right. Alfie obtained expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Little Ilford case:

In 2009 we were phoned by Mr and Mrs. H Flores who, having bought a newly refurbished apartment in Little Ilford in April 2012. The question was if we could approximate the premium would be for a 90 year extension to my lease. Similar homes in Little Ilford with an extended lease were in the region of £225,800. The average amount of ground rent was £60 invoiced annually. The lease ran out on 14 February 2081. Given that there were 60 years left we calculated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of fees.

Decision in Redbridge

An example of a Freehold Enfranchisement case for a Little Ilford property is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case related to 5 flats. The number of years remaining on the existing lease(s) was 73.8 years.