Main reasons to commence your Victoria Docks lease extension

Main reasons to start your Victoria Docks lease extension today:

A Victoria Docks lease depreciates with the years remaining on the lease.

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

Victoria Docks property with a lease extension is almost the same value as a freehold

Leasehold premises in Victoria Docks with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not finance a property with a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least sixty if not seventy years left once the mortgage has expired. Given that many flats in Victoria Docks were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Victoria Docks lease extensions?

The conveyancing solicitors that we work with procure Victoria Docks 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 lawyer we work with provide it.

Victoria Docks Lease Extension Case Summaries:

Isabelle, Victoria Docks, London,

Subsequent to lengthy correspondence with the landlord of her basement apartment in Victoria Docks, Isabelle commenced the lease extension process as the eighty year threshold was rapidly coming. The transaction was finalised in February 2008. The landlord’s charges were kept to an absolute minimum.

Victoria Docks case:

In 2011 we were approached by Mr David Lewis who, having owned a recently refurbished flat in Victoria Docks in October 1995. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparative residencies in Victoria Docks with an extended lease were valued around £295,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease lapsed on 25 January 2100. Considering the 74 years outstanding we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.