Wanstead Lease Extension - Free Consultation

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Main reasons to commence your Wanstead lease extension

Why you should commence your Wanstead lease extension today:

Increase your lease and increase your Wanstead property value

The nearer a domestic lease in Wanstead gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner than later. Most flat owners in Wanstead will meet the qualifying criteria; nevertheless a conveyancer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

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

Banks and building societies are really restricting their approach as regards to properties in Wanstead with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

Get in touch with one of our Wanstead lease extension solicitors or enfranchisement solicitors

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

Wanstead Lease Extension Case Studies:

Sam, Wanstead, North East London,

Sam owned a high value apartment in Wanstead on the market with a lease of a few days over sixty years outstanding. Sam on an informal basis approached his freeholder a well known Manchester-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 initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sam to exercise his statutory right. Sam obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Wanstead case:

Mr and Mrs. T Martin completed a ground floor flat in Wanstead in October 2004. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparable flats in Wanstead with a long lease were valued around £198,800. The average amount of ground rent was £55 billed every twelve months. The lease finished on 14 July 2078. Taking into account 55 years as a residual term we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.

Decision in Redbridge

An example of a Freehold Enfranchisement decision for a Wanstead property is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The number of years remaining on the existing lease(s) was 73.92 years.