Why you should start your North Ockendon lease extension

Main reasons to start your North Ockendon lease extension today:

A North Ockendon lease depreciates with the years remaining on the lease.

North Ockendon leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in North Ockendon will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some cases you may not qualify. There are prescribed timetables and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in North Ockendon with over 100 years remaining 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage with a short lease

Almost all mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Get in touch with one of our North Ockendon lease extension solicitors or enfranchisement solicitors

Lease extensions in North Ockendon can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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 dealing with North Ockendon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North Ockendon Lease Extension Example Cases:

Finn, North Ockendon, London

16 months ago Finn, started to get near to the eighty-year threshold with the lease on his basement apartment in North Ockendon. Having purchased his flat two decades ago, the length of the lease was of little importance. Fortunately, he realised he would soon be paying an inflated amount for a lease extension. Finn arranged for a lease extension just in the nick of time in July. Finn and the landlord who owned the flat above eventually settled on sum of £5,000 . If he failed to meet the deadline, the sum would have increased by a minimum £1,050.

North Ockendon case:

In 2012 we were approached by Ms Bethan Thompson who, having was assigned a lease of a one bedroom apartment in North Ockendon in July 1995. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Comparative properties in North Ockendon with 100 year plus lease were in the region of £240,600. The average ground rent payable was £60 collected monthly. The lease finished on 22 May 2088. Given that there were 62 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 not including professional charges.