Why you should start your Wanstead Flats lease extension

Top reasons for lease extension now:

A Wanstead Flats leasehold property depreciates with the years remaining on the lease.

Wanstead Flats leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Wanstead Flats residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Wanstead Flats you must check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not finance a property with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be inadequate for lending purposes.

Why use us for your lease extension in Wanstead Flats?

Lease extensions in Wanstead Flats can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 Wanstead Flats lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wanstead Flats Lease Extension Example Cases:

Ryan, Wanstead Flats, North East London,

Ryan owned a conversion apartment in Wanstead Flats being marketed with a lease of just over fifty eight years remaining. Ryan informally contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be due on a lease extension were Ryan to exercise his statutory right. Ryan procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.

Wanstead Flats case:

Mr I Williams completed a one bedroom flat in Wanstead Flats in November 2000. The dilemma was if we could estimate the price could be to extend the lease by 90 years. Comparable properties in Wanstead Flats with 100 year plus lease were valued around £255,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended on 24 November 2097. Taking into account 71 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.

Wanstead Flats case:

In 2010 we were approached by Mr and Mrs. N Gray who, having took over the lease of a ground floor flat in Wanstead Flats in April 2005. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Identical flats in Wanstead Flats with a long lease were valued around £254,200. The average ground rent payable was £60 billed every twelve months. The lease ran out in 2077. Having 51 years remaining we approximated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 not including costs.