Why you should commence your Snaresbrook lease extension

Main reasons to commence your Snaresbrook lease extension today:

Increase your lease and increase your Snaresbrook property value

As the the remaining lease term of a Snaresbrook domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, over 99 years remaining then this decrease may be fractional that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. Most flat owners in Snaresbrook will qualify for this right; that being said a lawyer should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

Snaresbrook property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Snaresbrook with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not loan monies with a short lease

Banks and building societies are really restricting their approach as regards to properties in Snaresbrook with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing the number of prospective purchasers.

Why use us for your lease extension in Snaresbrook?

Lease extensions in Snaresbrook can be a difficult process. We recommend you obtain guidance from a conveyancer 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 a wealth of experience 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:

Harvey, Snaresbrook, North East London,

Harvey was the the leasehold owner of a studio flat in Snaresbrook on the market with a lease of just over fifty eight years remaining. Harvey on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Harvey to exercise his statutory right. Harvey procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.

Snaresbrook case:

Last Summer we were approach by Mr and Mrs. E Evans , who purchased a purpose-built apartment in Snaresbrook in March 2011. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar residencies in Snaresbrook with a long lease were in the region of £174,200. The average ground rent payable was £55 invoiced per annum. The lease terminated on 13 August 2077. Given that there were 51 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of expenses.