Top reasons for Snaresbrook lease extension

Main reasons to commence your Snaresbrook lease extension today:

Increase your lease and increase your Snaresbrook property value

The market value of a leasehold property in Snaresbrook is impacted by how many years the lease has remaining. If it is near to or less than 80 years you should anticipate problems on re-sale, so it is recommended to arrange for a lease extension ahead of purchasing. Ideally one should start the lease extension process when a lease still has 82 years remaining so that all matters can be finalised prior to the eighty year threshold. Current legislation enables Snaresbrook qualifying lessees to a ninety year extension added to their residual lease term (ie if your lease has 50 years remaining the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Snaresbrook lease extensions?

The conveyancing solicitors that we work with handle Snaresbrook 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.

Snaresbrook Lease Extension Example Cases:

Katherine, Snaresbrook, North East London,

In the wake of 9 months of protracted correspondence with the landlord of her garden apartment in Snaresbrook, Katherine initiated the lease extension process as the 80 year mark was rapidly approaching. The legal work was finalised in April 2011. The freeholder’s charges were restricted to less than four hundred pounds.

Snaresbrook case:

In 2014 we were called by Dr Daniel Khan who, having took over the lease of a ground floor flat in Snaresbrook in January 1995. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparative premises in Snaresbrook with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 billed quarterly. The lease finished in 2093. Given that there were 67 years outstanding we approximated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.