Top reasons for East Beckton lease extension

Why you should start your East Beckton lease extension today:

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

East Beckton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying East Beckton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in East Beckton you would be well advised to see if your lease has between 70 and 90 years left. There are compelling reasons why a East Beckton flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not finance a property with a short lease

Most banks and building societies will be unwilling to lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your East Beckton property being difficult to dispose of or remortgage.

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

Retaining our service gives 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 wish 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:

Arthur, East Beckton, London

Half a year ago Arthur, came very close to the 80-year threshold with the lease on his purpose- built flat in East Beckton. Having purchased his flat twenty years previously, the length of the lease was of minimal significance. Fortunately, it dawned on him that he would soon be paying way over the odds for a lease extension. Arthur arranged for a lease extension just under the wire last January. Arthur and the freeholder via the managing agents in the end settled on sum of £6,000 . If he not met the deadline, the figure would have become more exhorbitant by a minimum £1,025.

East Beckton case:

In 2009 we were approached by Mr and Mrs. O García who, having took over the lease of a purpose-built flat in East Beckton in July 2010. We are asked if we could approximate the premium would be to extend the lease by ninety years. Comparable homes in East Beckton with a long lease were in the region of £208,200. The average ground rent payable was £65 collected annually. The lease ran out on 2 July 2087. Considering the 61 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 plus fees.