Main reasons to commence your Snaresbrook lease extension

Top reasons for lease extension now:

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

The value of Snaresbrook leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is less than 80 years

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

Leasehold residencies in Snaresbrook with in excess of 100 years unexpired on the lease are sometimes 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to loan monies with a short lease

Almost all mortgage companies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Snaresbrook property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Snaresbrook?

Using our service gives you increased control over the value of your Snaresbrook leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Snaresbrook Lease Extension Example Cases:

Katie, Snaresbrook, North East London,

Trailing lengthy negotiations with the landlord of her one bedroom flat in Snaresbrook, Katie started the lease extension process as the 80 year deadline was fast advancing. The transaction was finalised in June 2012. The landlord’s fees were kept to an absolute minimum.

Snaresbrook case:

In 2009 we were e-mailed by Dr Abigail Moreau who, having was assigned a lease of a recently refurbished flat in Snaresbrook in June 1999. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar properties in Snaresbrook with a long lease were valued around £295,000. The mid-range amount of ground rent was £50 billed quarterly. The lease ran out in 2100. Having 75 years outstanding we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.