Main reasons to commence your Wanstead Flats lease extension

Why you should commence your Wanstead Flats lease extension today:

Increase your lease and increase your Wanstead Flats property value

Chances are that where you own a flat in Wanstead Flats you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Wanstead Flats with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to lend with a short lease

Mortgage companies are inclined not lend on short residential leases. You are likely to experience difficulties where you want to sell your flat in Wanstead Flats if the unexpired term of your lease is under the criteria set by the majority of banks and building societies. Different lenders have varying requirements but generally they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Wanstead Flats?

The conveyancing solicitors that we work with handle Wanstead Flats 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 conveyancer we work with provide it.

Wanstead Flats Lease Extension Case Summaries:

Jasper, Wanstead Flats, North East London

In recent months Jasper, came seriously close to the eighty-year mark with the lease on his basement apartment in Wanstead Flats. In buying his flat two decades ago, the length of the lease was of no significance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Jasper arranged for a lease extension just under the wire last May. Jasper and the freeholder eventually settled on an amount of £5,000 . If the lease had dipped lower than 80 years, the price would have become more costly by a minimum £1,100.

Wanstead Flats case:

In 2013 we were called by Dr Harry Michel who, having owned a one bedroom flat in Wanstead Flats in October 2003. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Wanstead Flats with a long lease were valued about £173,800. The mid-range ground rent payable was £60 invoiced per annum. The lease termination date was on 9 March 2081. Considering the 55 years unexpired we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including expenses.

Wanstead Flats case:

Last month we were approach by Mr G Bell , who purchased a one bedroom apartment in Wanstead Flats in May 2002. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Wanstead Flats with an extended lease were worth £235,200. The mid-range ground rent payable was £45 collected every twelve months. The lease finished in 2092. Taking into account 66 years unexpired we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.