Top reasons for West Ham lease extension

Main reasons to commence your West Ham lease extension today:

Increase your lease and increase your West Ham property value

West Ham 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 your lease gets more expensive. Most owners of residential leasehold property in West Ham enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in West Ham you really ought to see if your lease has between 70 and ninety years remaining. There are compelling reasons why a West Ham flat owner with a lease having around 80 years left should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in West Ham with in excess of 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

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

Banks and Building Societies have set criteria when loaning monies charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years suitable security. As well as this being important when selling, it is also relevant where you are wanting to remortgage your West Ham property.

Why use us for your lease extension in West Ham?

Using our service will provide you increased control over the value of your West Ham leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

West Ham Lease Extension Example Cases:

Gemma, West Ham, London,

After lengthy correspondence with the freeholder of her leasehold flat in West Ham, Gemma initiated the lease extension process just as her lease was coming close to the critical eighty-year threshold. The lease extension was concluded in July 2013. The freeholder’s fees were negotiated to approximately 700 pounds.

West Ham case:

Last month we were approach by Dr W Fournier , who was assigned a lease of a garden apartment in West Ham in July 2008. The question was if we could estimate the price would be to extend the lease by ninety years. Similar premises in West Ham with a long lease were worth £200,800. The average amount of ground rent was £65 billed quarterly. The lease termination date was in 2086. Having 60 years as a residual term we approximated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including legals.