Top reasons for Becontree lease extension

Main reasons to start your Becontree lease extension today:

A Becontree leasehold property depreciates with the years remaining on the lease.

For anyone whose Becontree home is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should keep in mind that it is probable that someone wishing to buy your property in the future might well do, so where they can't obtain a mortgage, then the value of your property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Becontree lease extensions?

Retaining our service will provide you increased control over the value of your Becontree leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Becontree Lease Extension Example Cases:

Maisie, Becontree, London,

Trailing lengthy negotiations with the landlord of her leasehold flat in Becontree, Maisie commenced the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work completed in October 2014. The landlord’s costs were kept to an absolute minimum.

Becontree case:

Last Christmas we were called by Ms Robyn Michel , who completed a one bedroom flat in Becontree in October 1996. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Identical homes in Becontree with an extended lease were valued around £200,800. The mid-range amount of ground rent was £65 collected every twelve months. The lease ended on 9 June 2086. Considering the 60 years unexpired we estimated the premium to the landlord to extend the lease to be between £20,900 and £24,200 not including fees.