Why you should commence your Beaminster lease extension

Top reasons for lease extension now:

A Beaminster leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Beaminster you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Beaminster with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not loan monies on a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold property. Some will simply not lend at all once the residual lease term slips below a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your Beaminster property.

What makes us experts in Beaminster lease extensions?

Lease extensions in Beaminster can be a difficult process. We recommend you get guidance from a conveyancer 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 in-depth market knowledge dealing with Beaminster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beaminster Lease Extension Example Cases:

Oscar, Beaminster, Dorset,

Oscar was the the leasehold proprietor of a conversion flat in Beaminster on the market with a lease of fraction over 61 years unexpired. Oscar informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Oscar to invoke his statutory right. Oscar obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Beaminster case:

Last year we were contacted by Dr Leon Thompson , who moved into a basement apartment in Beaminster in June 2003. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar properties in Beaminster with an extended lease were worth £242,600. The mid-range ground rent payable was £45 collected quarterly. The lease concluded in 2093. Having 67 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 not including costs.

Beaminster case:

Mr and Mrs. H Watson took over the lease of a basement flat in Beaminster in August 1998. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Identical properties in Beaminster with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease ran out on 26 April 2104. Taking into account 78 years outstanding we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of fees.