Why you should commence your Snaresbrook lease extension

Why you should commence your Snaresbrook lease extension today:

A Snaresbrook lease depreciates with the years remaining on the lease.

Snaresbrook leases on residential properties are gradually losing value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Snaresbrook will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not qualify. There are also strict deadlines and steps to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Snaresbrook with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties once you wish to market or remortgage your flat as it will be practically unmortgageable. Even though you may not have an immediate plan to sell but when you do your buyer will have to hold off for 2 years before being able to start the legal procedures for an extension to the lease.

What makes us experts in Snaresbrook lease extensions?

Lease extensions in Snaresbrook can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.

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 in-depth market knowledge procuring Snaresbrook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Snaresbrook Lease Extension Example Cases:

Sian, Snaresbrook, North East London,

Off the back of lengthy correspondence with the freeholder of her garden flat in Snaresbrook, Sian started the lease extension process as the eighty year threshold was rapidly nearing. The transaction was concluded in April 2009. The landlord’s fees were restricted to below 700 pounds.

Snaresbrook case:

Last month we were approach by Mrs Katherine Bertrand , who took over the lease of a first floor apartment in Snaresbrook in June 2001. The dilemma was if we could approximate the premium would be to prolong the lease by ninety years. Comparative homes in Snaresbrook with an extended lease were worth £200,000. The average ground rent payable was £50 billed every twelve months. The lease concluded on 21 March 2104. Taking into account 78 years outstanding we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.