Main reasons to start your East Beckton lease extension

Top reasons for lease extension now:

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

Unfortunately that a East Beckton residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the East Beckton property prices.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Most leasehold owners in East Beckton will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the process.

East Beckton property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold property. Many will simply not lend at all once the remaining lease term falls below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your East Beckton property.

What makes us experts in East Beckton lease extensions?

Irrespective of whether you are a tenant or a landlord in East Beckton,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Beckton valuers.

East Beckton Lease Extension Example Cases:

Finley, East Beckton, London

Two years ago Finley, came dangerously close to the 80-year mark with the lease on his first floor flat in East Beckton. In buying his home two decades ago, the unexpired term was of no interest. Thankfully, he realised he needed to take steps soon on Extending the lease. Finley was able to extend his lease just under the wire last May. Finley and the landlord who owned the flat above eventually agreed on sum of £5,500 . If the lease had dipped to less than eighty years, the amount would have escalated by at least £1,125.

East Beckton case:

Mr Samuel Brooks bought a garden apartment in East Beckton in October 1995. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar homes in East Beckton with 100 year plus lease were worth £250,000. The mid-range ground rent payable was £50 billed yearly. The lease ran out in 2095. Considering the 69 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.