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.

Main reasons to commence your Mile End lease extension

Main reasons to start your Mile End lease extension today:

Increase your lease and increase your Mile End property value

The market value of Mile End leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Lenders will not lend on a short lease

Mortgage companies are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering plenty of flats in Mile End were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Mile End?

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 respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Mile End Lease Extension Case Studies:

Alexander, Mile End, London

Last year Alexander, came perilously near to the eighty-year threshold with the lease on his two bedroom flat in Mile End. Having bought his home 18 years ago, the lease term was of minimal importance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Alexander extended the lease just ahead of time in June. Alexander and the landlord subsequently agreed on sum of £5,000 . If the lease had descended to less than eighty years, the amount would have become more exhorbitant by at least £950.

Mile End case:

Last year we were e-mailed by Mr and Mrs. U Gunderson , who owned a ground floor apartment in Mile End in May 2001. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Mile End with 100 year plus lease were valued about £171,800. The mid-range ground rent payable was £55 invoiced yearly. The lease concluded on 13 February 2076. Given that there were 50 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 plus expenses.

Decision in Tower Hamlets

An example of a Freehold Enfranchisement case for a Mile End premises 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.