Why you should start your Bethnal Green lease extension

Why you should start your Bethnal Green lease extension today:

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

The nearer a residential lease in Bethnal Green nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over one hundred years remaining then this decrease may be fractional however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Bethnal Green will qualify for this right; that being said a lawyer should be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold residencies in Bethnal Green with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Bethnal Green with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

Why use us for your lease extension in Bethnal Green?

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 Summaries:

Naomi, Bethnal Green, London,

After unsuccessful negotiations with the freeholder of her two bedroom apartment in Bethnal Green, Naomi started the lease extension process as the 80 year mark was rapidly coming. The lease extension completed in July 2008. The landlord’s charges were negotiated to less than 600 pounds.

Bethnal Green case:

Mr Max Wright acquired a basement apartment in Bethnal Green in April 2000. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Bethnal Green with a long lease were valued about £206,200. The mid-range ground rent payable was £60 billed annually. The lease terminated in 2082. Considering the 56 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including costs.