Stop! Your Lease Extension in East Beckton Could Be FREE

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Many leaseholders in East Beckton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in East Beckton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your East Beckton lease extension

Main reasons to start your East Beckton lease extension today:

Increase your lease and increase your East Beckton property value

On the balance of probabilities where you own a flat in East Beckton you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to issue a mortgage on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your East Beckton property becoming difficult to dispose of or to obtain finance on.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our East Beckton lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your East Beckton leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

East Beckton Lease Extension Example Cases:

Hollie, East Beckton, London,

In the wake of 9 months of unsuccessful discussions with the landlord of her two bedroom flat in East Beckton, Hollie commenced the lease extension process just as her lease was approaching the crucial 80-year mark. The lease extension completed in April 2014. The landlord’s fees were negotiated to slightly above 600 pounds.

East Beckton case:

In 2013 we were e-mailed by Mr and Mrs. F James who, having was assigned a lease of a basement flat in East Beckton in July 2011. The dilemma was if we could approximate the price would be to prolong the lease by an additional years. Similar premises in East Beckton with a long lease were valued around £275,000. The average ground rent payable was £55 invoiced every twelve months. The lease ended in 2103. Taking into account 77 years remaining we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including legals.

Decision in Newham

An example of a Lease Extension case 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 affected 1 flat. The number of years remaining on the existing lease(s) was 69.77 years.