Stop! Your Lease Extension in Bethnal Green Could Be FREE

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Many leaseholders in Bethnal Green 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 Bethnal Green 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.

Top reasons for Bethnal Green lease extension

Why you should commence your Bethnal Green lease extension today:

Increase your lease and increase your Bethnal Green property value

On the balance of probabilities if you own a flat in Bethnal Green you actually own a long leasehold interest over your property

Bethnal Green property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties where you need to sell your flat in Bethnal Green if the remaining term of your lease is below the criteria set by most mortgage companies. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of 65 years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
Godiva Mortgages 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.

What makes us experts in Bethnal Green lease extensions?

The conveyancers that we work with procure Bethnal Green 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 conveyancer we work with provide it.

Bethnal Green Lease Extension Case Studies:

Jasmine, Bethnal Green, London,

After protracted negotiations with the freeholder of her ground floor apartment in Bethnal Green, Jasmine started the lease extension process just as her lease was nearing the critical eighty-year deadline. The lease extension completed in October 2015. The landlord’s fees were kept to an absolute minimum.

Bethnal Green case:

Mrs Aimee Edwards purchased a one bedroom apartment in Bethnal Green in January 2008. We are asked if we could approximate the price could be to extend the lease by 90 years. Identical residencies in Bethnal Green with 100 year plus lease were in the region of £243,000. The average ground rent payable was £65 invoiced monthly. The lease termination date was on 15 July 2089. Having 63 years unexpired we calculated the premium to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of legals.

Decision in Hackney

An example of a Lease Extension case for a Bethnal Green property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired residue of the current lease was 72.39 years.