Top reasons for West Beckton lease extension

Main reasons to commence your West Beckton lease extension today:

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

West Beckton leases on residential properties are gradually losing value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. If lease term is under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in West Beckton will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain cases you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.

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

Leasehold premises in West Beckton with over 100 years remaining 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 upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to issue a mortgage with a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they can't secure a mortgage, then the market price of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our West Beckton lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in West Beckton,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with West Beckton valuers.

West Beckton Lease Extension Example Cases:

Jacob, West Beckton, London,

Jacob owned a high value apartment in West Beckton on the market with a lease of a few days over fifty eight years remaining. Jacob informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Jacob to exercise his statutory right. Jacob procured expert advice and secured satisfactory deal informally and ending up with a market value flat.

West Beckton case:

Last year we were phoned by Dr Maisie Laurent , who completed a first floor apartment in West Beckton in November 2007. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Similar premises in West Beckton with an extended lease were in the region of £230,800. The average amount of ground rent was £60 billed quarterly. The lease terminated on 11 April 2086. Considering the 60 years unexpired we approximated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 plus expenses.