Why you should 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.

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 has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not finance a property with a short lease

Mortgage Lenders differ in their lending criteria. Some set the bar at seventy five years outstanding on the lease; others may be prepared to lend with anything with more than 70 years. With less than sixty years, it may be problematic to obtain a mortgage in the first place.

Get in touch with one of our Bethnal Green lease extension solicitors or enfranchisement solicitors

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 conveyancer we work with provide it.

Bethnal Green Lease Extension Example Cases:

Isaac, Bethnal Green, London,

Isaac was the the leasehold owner of a studio apartment in Bethnal Green being marketed with a lease of just over 59 years left. Isaac on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be due on a lease extension were Isaac to exercise his statutory right. Isaac obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the property.

Bethnal Green case:

In 2009 we were approached by Mr D López who, having acquired a garden apartment in Bethnal Green in April 2008. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Identical premises in Bethnal Green with an extended lease were in the region of £225,800. The average ground rent payable was £60 collected quarterly. The lease terminated on 7 August 2086. Considering the 60 years unexpired we approximated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 plus legals.