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.

Chances are that if you own a flat in Victoria Docks you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Victoria Docks with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not grant a mortgage with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Victoria Docks property being difficult to sell or remortgage.

Get in touch with one of our Victoria Docks lease extension solicitors or enfranchisement solicitors

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 Studies:

Ben, Victoria Docks, London,

Ben owned a high value apartment in Victoria Docks on the market with a lease of fraction over 59 years remaining. Ben on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Ben to exercise his statutory right. Ben obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the flat.

Victoria Docks case:

In 2010 we were e-mailed by Ms Amelia Davies who, having took over the lease of a garden apartment in Victoria Docks in February 1997. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparable premises in Victoria Docks with 100 year plus lease were valued around £198,800. The mid-range ground rent payable was £55 billed monthly. The lease elapsed in 2081. Given that there were 55 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of costs.