Stop! Your Lease Extension in Mile End Could Be FREE

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Many leaseholders in Mile End 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 Mile End 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.

Top reasons for Mile End lease extension

Main reasons to commence your Mile End lease extension today:

A Mile End lease depreciates with the years remaining on the lease.

The only way is down when it comes to Mile End lease terms. Mile End flats that have a remaining term fewer than eighty years will reduce in value at a rapid rate, and the cost to extend your lease will go up.

Mile End property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not issue a mortgage with a short lease

Banks and building societies differ in their lending criteria. Some set the bar at seventy five years left on the lease; others may be content with anything with more than 70 years. Below sixty years, it may be difficult to get a mortgage at all.

Lender Requirement
Barclays plc
Chelsea Building Society
Godiva Mortgages
Skipton Building Society
Virgin

What makes us experts in Mile End lease extensions?

Regardless of whether you are a tenant or a landlord in Mile End,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Mile End valuers.

Mile End Lease Extension Case Summaries:

Ollie, Mile End, London

Last year Ollie, started to get near to the 80-year mark with the lease on his purpose- built apartment in Mile End. Having bought his flat two decades ago, the unexpired term was of little concern. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Ollie arranged for a lease extension at the eleventh hour in May. Ollie and the landlord who owned the flat above ultimately agreed on sum of £5,000 . If the lease had gone to less than eighty years, the amount would have escalated by at least £875.

Mile End case:

Ms Robyn Díaz owned a one bedroom flat in Mile End in April 2008. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Comparable residencies in Mile End with a long lease were in the region of £240,600. The average amount of ground rent was £65 billed monthly. The lease ended on 3 April 2088. Taking into account 62 years outstanding we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 plus legals.

Decision in Tower Hamlets

An example of a Freehold Enfranchisement decision for a Mile End residence is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.