Beaconsfield leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to 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 Beaconsfield will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Beaconsfield can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.
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 procuring Beaconsfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy discussions with the freeholder of her ground floor apartment in Beaconsfield, Yasmin started the lease extension process just as her lease was coming close to the all-important 80-year mark. The legal work was concluded in September 2010. The freeholder’s costs were negotiated to approximately five hundred pounds.
In 2009 we were e-mailed by Mr and Mrs. F Flores who, having completed a one bedroom flat in Beaconsfield in January 2004. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Identical homes in Beaconsfield with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease expired in 2104. Having 78 years remaining we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus fees.
Mr and Mrs. F Leroy completed a studio flat in Beaconsfield in May 1996. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Similar properties in Beaconsfield with a long lease were worth £186,000. The mid-range ground rent payable was £65 billed every twelve months. The lease finished on 16 April 2084. Given that there were 58 years left we approximated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.