Main reasons to commence your West Beckton lease extension

Main reasons to start your West Beckton lease extension today:

Increase your lease and increase your West Beckton property value

There is no doubt about it a leasehold property in West Beckton is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 125 years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending sooner than later. Most flat owners in West Beckton will qualify for this right; nevertheless a lawyer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in West Beckton with more than 100 years unexpired on the lease are sometimes referred to as ‘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 purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions will not lend on a short lease

Many mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is probable that someone intending to buy your property in the future might well do, so where they can't obtain a mortgage, then the value of the property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in West Beckton lease extensions?

The conveyancing solicitors that we work with procure West Beckton 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 conveyancer we work with provide it.

West Beckton Lease Extension Example Cases:

Rory, West Beckton, London

Last year Rory, started to get close to the 80-year threshold with the lease on his ground floor flat in West Beckton. In buying his home twenty years ago, the lease term was of no bearing. by good luck, he noticed he needed to take action soon on a lease extension. Rory arranged for a lease extension just in the nick of time last June. Rory and the freeholder in the end agreed on an amount of £6,000 . If the lease had descended below eighty years, the premium would have become more costly by a minimum £875.

West Beckton case:

In 2011 we were contacted by Dr M Parker who, having bought a one bedroom flat in West Beckton in November 1999. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Comparative homes in West Beckton with an extended lease were in the region of £250,400. The mid-range ground rent payable was £65 collected quarterly. The lease ran out in 2090. Having 64 years remaining we approximated the premium to the landlord for the lease extension to be within £19,000 and £22,000 plus fees.