Main reasons to commence your Little Ilford lease extension

Why you should start your Little Ilford lease extension today:

A Little Ilford leasehold property depreciates with the years remaining on the lease.

The closer a residential lease in Little Ilford nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, in excess of 125 years to run then this decrease may be fractional however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Most flat owners in Little Ilford will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as inadequate for lending purposes.

Why use us for your lease extension in Little Ilford?

The lawyers that we work with handle Little Ilford 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.

Little Ilford Lease Extension Case Summaries:

Georgia, Little Ilford, London,

Trailing protracted discussions with the landlord of her leasehold flat in Little Ilford, Georgia commenced the lease extension process as the 80 year threshold was fast coming. The lease extension was finalised in May 2008. The landlord’s fees were restricted to under five hundred pounds.

Little Ilford case:

Dr Laura Evans moved into a ground floor flat in Little Ilford in August 2002. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical properties in Little Ilford with 100 year plus lease were valued around £260,200. The mid-range amount of ground rent was £65 collected monthly. The lease came to a finish on 2 June 2092. Taking into account 66 years as a residual term we estimated the premium to the landlord for the lease extension to be between £16,200 and £18,600 exclusive of legals.