Main reasons to start your Bethnal Green lease extension

Why you should commence your Bethnal Green lease extension today:

A Bethnal Green leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Bethnal Green you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Bethnal Green with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not finance a property on a short lease

Nearly all mortgage companies will not lend on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will likely encounter difficulties to obtain a mortgage and this will result in your Bethnal Green property being difficult to dispose of or to obtain finance on.

What makes us experts in Bethnal Green lease extensions?

The lawyers 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 lawyer we work with provide it.

Bethnal Green Lease Extension Example Cases:

Georgina, Bethnal Green, London,

After lengthy correspondence with the landlord of her two bedroom flat in Bethnal Green, Georgina commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction was concluded in March 2006. The landlord’s costs were restricted to under four hundred pounds.

Bethnal Green case:

Last Winter we were contacted by Ms G Alexander , who completed a purpose-built apartment in Bethnal Green in September 1998. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparative residencies in Bethnal Green with 100 year plus lease were valued around £250,400. The average ground rent payable was £65 collected per annum. The lease terminated in 2090. Having 64 years as a residual term we approximated the premium to the landlord for the lease extension to be within £19,000 and £22,000 plus expenses.