Stop! Your Lease Extension in West Beckton Could Be FREE

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Many leaseholders in West 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 West 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.

Top reasons for West Beckton lease extension

Why you should commence your West Beckton lease extension today:

A West Beckton leasehold property depreciates with the years remaining on the lease.

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

West Beckton property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not finance a property with a short lease

Almost all mortgage lenders insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone intending to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of your property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
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
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in West Beckton?

Lease extensions in West Beckton can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with West Beckton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Beckton Lease Extension Example Cases:

Andrew, West Beckton, London,

Andrew owned a conversion apartment in West Beckton on the market with a lease of a few days over fifty eight years unexpired. Andrew informally approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Andrew to exercise his statutory right. Andrew procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

West Beckton case:

In 2013 we were contacted by Mr Harvey Ward who, having acquired a one bedroom flat in West Beckton in June 2003. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable residencies in West Beckton with a long lease were in the region of £206,200. The average amount of ground rent was £60 collected monthly. The lease expired on 25 August 2082. Considering the 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus expenses.

Decision in Newham

An example of a Lease Extension decision for a West Beckton property 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 related to 1 flat. The remaining number of years on the lease was 69.77 years.