Main reasons to commence your East Beckton lease extension

Top reasons for lease extension now:

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

East Beckton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most East Beckton tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in East Beckton you must investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not lend with a short lease

Most mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is likely that someone intending to buy your property in the future might well do, so if they are unable to secure a mortgage, then the value of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in East Beckton lease extensions?

Using our service will provide you enhanced control over the value of your East Beckton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

East Beckton Lease Extension Case Summaries:

Jasmine, East Beckton, London,

In the wake of 6 months of unsuccessful correspondence with the landlord of her purpose-built flat in East Beckton, Jasmine commenced the lease extension process just as the lease was nearing the crucial eighty-year threshold. The lease extension was finalised in August 2014. The freeholder’s fees were kept to an absolute minimum.

East Beckton case:

In 2010 we were approached by Dr F Hernández who, having completed a ground floor flat in East Beckton in November 1998. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical homes in East Beckton with a long lease were worth £285,000. The average amount of ground rent was £55 invoiced quarterly. The lease lapsed on 16 October 2106. Given that there were 80 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.