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Main reasons to start your East Beckton lease extension


Main reasons to start your East Beckton lease extension today:

A East Beckton leasehold property depreciates with the years remaining on the lease.

East Beckton leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Flat owners in East Beckton will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders will not finance a property on a short lease

Most banks and building societies will not lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your East Beckton property becoming difficult to sell or to obtain finance on.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
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.
Yorkshire 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.

Why use us for your lease extension in East Beckton?

The conveyancing solicitors that we work with procure East Beckton 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 conveyancing solicitor we work with provide it.

East Beckton Lease Extension Case Summaries:

Lauren, East Beckton, London,

Subsequent to lengthy discussions with the landlord of her two bedroom apartment in East Beckton, Lauren started the lease extension process just as the lease was nearing the crucial 80-year threshold. The transaction was finalised in October 2005. The freeholder’s costs were restricted to under 450 pounds.

East Beckton case:

In 2014 we were called by Dr Cameron André who, having took over the lease of a newly refurbished flat in East Beckton in May 2010. The dilemma was if we could approximate the premium would likely be to prolong the lease by 90 years. Similar homes in East Beckton with a long lease were valued around £176,200. The mid-range ground rent payable was £65 invoiced annually. The lease came to a finish on 12 August 2080. Taking into account 56 years remaining we calculated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 plus costs.

Decision in Newham

An example of a Lease Extension decision for a East Beckton residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired lease term was 69.77 years.