Top reasons for Snaresbrook lease extension

Main reasons to commence your Snaresbrook lease extension today:

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

Snaresbrook residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

Leasehold residencies in Snaresbrook with over one hundred years outstanding 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 purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to loan monies with a short lease

Why use us for your lease extension in Snaresbrook?

Irrespective of whether you are a tenant or a freeholder in Snaresbrook,the lease extension solicitors 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 Example Cases:

Finley, Snaresbrook, North East London,

Finley owned a conversion flat in Snaresbrook on the market with a lease of a little over 59 years remaining. Finley on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Finley to exercise his statutory right. Finley obtained expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.

Snaresbrook case:

In 2014 we were contacted by Dr William Cox who, having completed a studio flat in Snaresbrook in September 2006. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparable properties in Snaresbrook with a long lease were in the region of £223,400. The average ground rent payable was £60 invoiced every twelve months. The lease ended on 6 May 2085. Considering the 59 years left we calculated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 not including costs.