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Main reasons to start your Mile End lease extension

Main reasons to commence your Mile End lease extension today:

Increase your lease and increase your Mile End property value

On the balance of probabilities if you own a flat in Mile End you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties as and when you need to dispose of or remortgage your flat as it will be effectively unmortgageable. You might have no immediate intention to sell but when you do your buyer must wait a couple of years before being able to exercise the right to a a lease extension.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 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.

What makes us experts in Mile End lease extensions?

Lease extensions in Mile End can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 a wealth of experience procuring Mile End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mile End Lease Extension Case Studies:

Emily, Mile End, London,

Off the back of lengthy correspondence with the landlord of her purpose-built flat in Mile End, Emily commenced the lease extension process as the 80 year deadline was quickly approaching. The lease extension completed in August 2010. The freeholder’s costs were kept to an absolute minimum.

Mile End case:

Mr Kian Sharif took over the lease of a ground floor flat in Mile End in July 2012. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Similar residencies in Mile End with a long lease were in the region of £240,600. The average ground rent payable was £60 invoiced per annum. The lease lapsed in 2087. Taking into account 62 years remaining we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus expenses.

Decision in Tower Hamlets

An example of a Freehold Enfranchisement case for a Mile End flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.