West Beckton leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in West Beckton will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in West Beckton with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Virgin |
The conveyancers that we work with undertake 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.
Following unsuccessful negotiations with the landlord of her two bedroom apartment in West Beckton, Hollie started the lease extension process as the eighty year threshold was swiftly approaching. The lease extension was finalised in October 2010. The landlord’s fees were restricted to less than 700 GBP.
Last year we were e-mailed by Mr T Rose , who purchased a ground floor flat in West Beckton in April 2009. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical flats in West Beckton with an extended lease were worth £275,000. The average amount of ground rent was £65 billed quarterly. The lease expired in 2094. Given that there were 68 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.
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 number of years remaining on the existing lease(s) was 69.77 years.