Main reasons to commence your Beaconsfield lease extension

Top reasons for lease extension now:

A Beaconsfield lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Beaconsfield you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not lend with a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Given that many flats in Beaconsfield were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Beaconsfield?

The conveyancing solicitors that we work with procure Beaconsfield 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.

Beaconsfield Lease Extension Case Studies:

Jayden, Beaconsfield, Buckinghamshire

In 2014 Jayden, started to get near to the 80-year threshold with the lease on his leasehold apartment in Beaconsfield. Having bought his flat twenty years previously, the lease term was of minimal importance. As luck would have it, he realised he would soon be paying an escalated premium for Extending the lease. Jayden arranged for a lease extension at the eleventh hour in April. Jayden and the freeholder via the managing agents subsequently settled on the final figure of £6,000 . If he not met the deadline, the figure would have increased by a minimum £850.

Beaconsfield case:

Last Autumn we were contacted by Dr U Walker , who purchased a ground floor apartment in Beaconsfield in January 2004. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable residencies in Beaconsfield with 100 year plus lease were worth £203,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease expiry date was on 4 November 2087. Taking into account 61 years outstanding we approximated the premium to the landlord for the lease extension to be within £19,000 and £22,000 exclusive of fees.

Beaconsfield case:

Last Winter we were contacted by Ms J Harris , who was assigned a lease of a ground floor flat in Beaconsfield in March 2004. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparative premises in Beaconsfield with 100 year plus lease were valued about £260,000. The mid-range ground rent payable was £50 collected per annum. The lease terminated in 2098. Taking into account 72 years outstanding we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.