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.

Why you should start your West Beckton lease extension

Main reasons to commence your West Beckton lease extension today:

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

The market value of West Beckton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is less than 80 years

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend on a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Halifax Minimum 70 years from the date of the mortgage.

What makes us experts in West Beckton lease extensions?

The lawyers 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 lawyer we work with provide it.

West Beckton Lease Extension Case Studies:

Alex, West Beckton, London,

Alex was the the leasehold owner of a studio flat in West Beckton on the market with a lease of a little over 59 years unexpired. Alex on an informal basis spoke with his freeholder a well known Bristol-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 subject to a rise in the rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Alex to invoke his statutory right. Alex procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

West Beckton case:

Last Winter we were contacted by Dr C Davis , who took over the lease of a ground floor flat in West Beckton in January 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in West Beckton with 100 year plus lease were worth £213,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease elapsed in 2083. Having 57 years unexpired we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of costs.

Decision in Newham

An example of a Lease Extension matter before the tribunal for a West Beckton residence 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 was in relation to 1 flat. The remaining number of years on the lease was 69.77 years.