Main reasons to start your Mile End lease extension

Why you should commence your Mile End lease extension today:

Increase your lease and increase your Mile End property value

On the balance of probabilities where you own a flat in Mile End you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies vary in their lending requirements. Some draw the line at seventy five years remaining on the lease; others may be happy with anything over seventy years. With less than sixty years, it may be problematic to obtain a mortgage in the first place.

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

Using our service will provide you increased control over the value of your Mile End leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Mile End Lease Extension Example Cases:

Melissa, Mile End, London,

In the wake of eight months of protracted negotiations with the landlord of her ground floor flat in Mile End, Melissa initiated the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The legal work was concluded in July 2015. The landlord’s costs were negotiated to slightly above 550 GBP.

Mile End case:

In 2009 we were called by Dr Y Brooks who, having completed a ground floor apartment in Mile End in November 2010. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Identical properties in Mile End with 100 year plus lease were in the region of £265,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease came to a finish in 2092. Considering the 66 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus fees.