Stop! Your Lease Extension in Beckton Could Be FREE

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Many leaseholders in Beckton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Beckton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Beckton lease extension

Why you should start your Beckton lease extension today:

Increase your lease and increase your Beckton property value

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

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Lending institutions have set criteria when lending monies secured on leasehold property. Some will simply not lend at all once the residual lease term drops below a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Beckton home.

Lender Requirement
Barclays plc
Chelsea Building Society
National Westminster Bank
Nationwide Building Society
Santander

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

The lawyers that we work with undertake Beckton 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 lawyer we work with provide it.

Beckton Lease Extension Case Studies:

Gemma, Beckton, London,

Subsequent to protracted discussions with the landlord of her one bedroom apartment in Beckton, Gemma started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The lease extension was concluded in October 2011. The landlord’s charges were kept to an absolute minimum.

Beckton case:

Mr and Mrs. R Walker moved into a first floor flat in Beckton in August 2007. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Similar homes in Beckton with 100 year plus lease were valued about £235,200. The average amount of ground rent was £45 billed per annum. The lease ran out in 2092. Having 66 years remaining we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.

Decision in Newham

An example of a Lease Extension matter before the tribunal for a Beckton residence 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 affected 1 flat. The unexpired residue of the current lease was 69.77 years.