Why you should start your Redbridge lease extension

Why you should start your Redbridge lease extension today:

Increase your lease and increase your Redbridge property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Redbridge may extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Redbridge lease extension. Putting off the costs now simply increases the price you will eventually be required to pay to extend the lease.

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

Leasehold properties in Redbridge with more than one hundred years outstanding 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not loan monies on a short lease

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

Regardless of whether you are a tenant or a landlord in Redbridge,the lease extension experts 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:

Sebastian, Redbridge, North East London,

Sebastian was the the leasehold proprietor of a 2 bedroom apartment in Redbridge on the market with a lease of a little over 72 years outstanding. Sebastian on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Sebastian to invoke his statutory right. Sebastian procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Redbridge case:

In 2011 we were called by Dr Isabella Rose who, having owned a newly refurbished apartment in Redbridge in January 2006. The question was if we could approximate the premium would likely be to extend the lease by 90 years. Identical flats in Redbridge with a long lease were worth £176,200. The mid-range ground rent payable was £65 collected every twelve months. The lease ran out in 2082. Taking into account 56 years left we approximated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 not including professional charges.