Top reasons for Becontree lease extension

Top reasons for lease extension now:

Increase your lease and increase your Becontree property value

Unfortunately that a Becontree residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Becontree property market.Where your lease has approximately ninety years left, you should start considering a lease extension. If the number of years remaining dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Becontree will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Becontree with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to finance a property on a short lease

Mortgage companies are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years left at the end of the mortgage. As plenty of flats in Becontree were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Becontree?

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

Becontree Lease Extension Case Studies:

Luca, Becontree, London,

Luca was the the leasehold proprietor of a high value flat in Becontree being sold with a lease of a few days over sixty years outstanding. Luca informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Luca to exercise his statutory right. Luca obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Becontree case:

Last year we were contacted by Mrs V Davis , who purchased a purpose-built flat in Becontree in November 1997. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparative flats in Becontree with a long lease were worth £225,400. The average amount of ground rent was £45 invoiced monthly. The lease concluded in 2090. Given that there were 64 years remaining we approximated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of costs.