Main reasons to commence your Redbridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Redbridge property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Redbridge. Clearly, the length of lease left shortens over time. This is often ignored and only raises itself as an issue when the property needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Redbridge have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. Do give careful deliberation before delaying your Redbridge lease extension. Putting off that expense now simply increases the price you will eventually incur to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not finance a property with a short lease

Lenders are inclined not lend on short residential leases. You most probably encounter problems where you need to sell your flat in Redbridge if the unexpired term of your lease is under the criteria set by most banks and building societies. Different lenders have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Redbridge?

Regardless of whether you are a tenant or a landlord in Redbridge,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Redbridge valuers.

Redbridge Lease Extension Example Cases:

Francesca, Redbridge, North East London,

Trailing protracted discussions with the landlord of her studio apartment in Redbridge, Francesca started the lease extension process as the eighty year mark was quickly approaching. The legal work completed in June 2008. The landlord’s fees were restricted to under 550 pounds.

Redbridge case:

Mr and Mrs. L González purchased a garden apartment in Redbridge in August 2004. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparative premises in Redbridge with an extended lease were valued around £275,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease terminated in 2102. Given that there were 76 years outstanding we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.