Stop! Your Lease Extension in Redbridge Could Be FREE

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Many leaseholders in Redbridge are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Redbridge has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Redbridge lease extension

Why you should commence your Redbridge lease extension today:

Increase your lease and increase your Redbridge property value

On the balance of probabilities if you own a flat in Redbridge you actually own a long leasehold interest over your property

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

Leasehold premises in Redbridge with more than 100 years remaining on the lease are often 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 buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not finance a property with a short lease

Lending institutions have specific criteria when lending funds charged on leasehold property. Many will simply not lend at all once an unexpired lease term goes lower than a specified unexpired lease term. Many Mortgage lenders will not regard property with a remaining below seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Redbridge property.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Redbridge?

The lawyers that we work with handle Redbridge 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.

Redbridge Lease Extension Example Cases:

Lewis, Redbridge, North East London,

Lewis was the the leasehold proprietor of a conversion apartment in Redbridge on the market with a lease of just over 61 years outstanding. Lewis on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Lewis to invoke his statutory right. Lewis procured expert advice and secured an acceptable resolution informally and sell the flat.

Redbridge case:

In 2012 we were called by Mr U Brooks who, having was assigned a lease of a studio apartment in Redbridge in March 2005. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparable residencies in Redbridge with a long lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced yearly. The lease came to a finish on 26 June 2076. Given that there were 50 years outstanding we calculated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 not including costs.

Decision in Redbridge

An example of a Freehold Enfranchisement case for a Redbridge residence is 59 & 59a Clarendon Gardens in February 2014. The Tribunals valuation for the freehold was £30,073.00 The remaining number of years on the lease was 65 and 61.