Main reasons to start your West Beckton lease extension

Why you should start your West Beckton lease extension today:

Increase your lease and increase your West Beckton property value

When it comes to residential leasehold property in West Beckton, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than eighty years remaining. Anyone in West Beckton with a lease drawing near to 81 years left should seriously consider extending it as soon as possible. Once the lease term has under eighty years left, under the current legislation the landlord can calculate and levy a greater amount, based on a technical multiplication, known as “marriage value” which is due.

West Beckton property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Almost all mortgage companies require a lengthy amount of time left on any leasehold residence before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of your property could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in West Beckton?

Lease extensions in West Beckton can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge 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 Case Summaries:

Tyler, West Beckton, London

Last year Tyler, started to get close to the eighty-year mark with the lease on his first floor flat in West Beckton. Having bought his property twenty years previously, the length of the lease was of minimal interest. Luckily, he recognised he would soon be paying an inflated amount for Extending the lease. Tyler arranged for a lease extension just ahead of time last January. Tyler and the freeholder via the managing agents in the end agreed on the final figure of £5,000 . If he had missed the deadline, the figure would have escalated by a minimum £1,075.

West Beckton case:

Last Winter we were contacted by Mr and Mrs. T Martin , who owned a ground floor flat in West Beckton in February 2011. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable homes in West Beckton with 100 year plus lease were valued about £290,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease came to a finish on 6 February 2098. Having 72 years unexpired we approximated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 not including expenses.