Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in West Ham. Inevitably, the period of lease remaining shortens as time goes by. This is often ignored and only raises itself as an issue when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in West Ham have the legal entitlement to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. You should give careful consideration before delaying your West Ham lease extension. Putting off the cost now simply increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in West Ham can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor 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 in-depth market knowledge dealing with West Ham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Connor was the the leasehold proprietor of a 2 bedroom flat in West Ham on the market with a lease of a little over fifty eight years left. Connor on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Connor to invoke his statutory right. Connor obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Last Autumn we were approach by Mr and Mrs. G Wright , who acquired a studio apartment in West Ham in October 1997. The dilemma was if we could estimate the price would be for a ninety year lease extension. Identical residencies in West Ham with a long lease were worth £225,400. The average amount of ground rent was £45 invoiced quarterly. The lease concluded on 9 June 2090. Given that there were 64 years unexpired we approximated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of legals.
An example of a Lease Extension decision for a West Ham property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The remaining number of years on the lease was 69.77 years.