Why you should start your Beckton lease extension

Main reasons to commence your Beckton lease extension today:

Increase your lease and increase your Beckton property value

The only way is down when it comes to Beckton lease terms. Beckton flats that have a residual term fewer than 80 years will de-escalate in value even faster, and the cost of extending your lease will rise.

Beckton property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred 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 remaining, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are seeking to remortgage your Beckton property.

What makes us experts in Beckton lease extensions?

The conveyancing solicitors 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 conveyancing solicitor we work with provide it.

Beckton Lease Extension Example Cases:

Ibrahim, Beckton, London,

Ibrahim was the the leasehold owner of a studio flat in Beckton being marketed with a lease of just over fifty eight years unexpired. Ibrahim on an informal basis contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Ibrahim to invoke his statutory right. Ibrahim obtained expert advice and secured an acceptable resolution informally and sell the property.

Beckton case:

Last Autumn we were contacted by Dr N Cook , who was assigned a lease of a one bedroom flat in Beckton in June 2012. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical residencies in Beckton with a long lease were valued about £254,200. The mid-range amount of ground rent was £60 billed quarterly. The lease lapsed in 2077. Given that there were 51 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 not including professional charges.