Top reasons for Snaresbrook lease extension

Why you should start 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. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Snaresbrook tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Snaresbrook you would be well advised to see if your lease has between seventy and 90 years left. There are compelling reasons why a Snaresbrook flat owner with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay

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

Leasehold properties in Snaresbrook with in excess of one hundred years remaining on the lease are often referred to as ‘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 buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to grant a mortgage on a short lease

Most mortgage companies will not lend on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your Snaresbrook property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Snaresbrook?

Regardless of whether you are a tenant or a landlord in Snaresbrook,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Snaresbrook valuers.

Snaresbrook Lease Extension Case Summaries:

Ethan, Snaresbrook, North East London,

Ethan was the the leasehold owner of a high value flat in Snaresbrook being sold with a lease of just over 72 years unexpired. Ethan informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan procured expert legal guidance and secured an acceptable resolution informally and sell the property.

Snaresbrook case:

In 2010 we were called by Mr and Mrs. O Rogers who, having owned a studio apartment in Snaresbrook in October 2012. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparative properties in Snaresbrook with an extended lease were valued about £243,000. The average amount of ground rent was £65 billed yearly. The lease concluded in 2089. Taking into account 63 years outstanding we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including legals.