Why you should start your Beckton lease extension

Why you should start your Beckton lease extension today:

Increase your lease and increase your Beckton property value

The market value of Beckton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold premises in Beckton with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lenders will not finance a property on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.

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

Lease extensions in Beckton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 Beckton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beckton Lease Extension Case Studies:

Jack, Beckton, London

Last Autumn Jack, started to get near to the eighty-year mark with the lease on his garden flat in Beckton. Having purchased his flat twenty years previously, the lease term was of minimal relevance. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Jack extended the lease just under the wire in June. Jack and the landlord subsequently agreed on sum of £5,500 . If he not met the deadline, the price would have increased by at least £850.

Beckton case:

Last Winter we were called by Mr K Bertrand , who took over the lease of a ground floor apartment in Beckton in August 2004. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparable residencies in Beckton with a long lease were worth £280,000. The mid-range amount of ground rent was £55 collected quarterly. The lease finished in 2104. Having 78 years unexpired we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of legals.