Top reasons for Beaminster lease extension

Main reasons to commence your Beaminster lease extension today:

Increase your lease and increase your Beaminster property value

For anyone whose Beaminster flat is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold premises in Beaminster with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get nervous at around 75 years. This will be problematic once you wish to market or remortgage your property as it will be practically unmortgageable. You may have no imminent desire to sell but when you do your purchaser must wait a couple of years before they can initiate the legal procedures for a lease extension.

What makes us experts in Beaminster lease extensions?

Using our service gives you better control over the value of your Beaminster leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Beaminster Lease Extension Case Studies:

Hollie, Beaminster, Dorset,

Trailing unsuccessful discussions with the landlord of her studio apartment in Beaminster, Hollie started the lease extension process just as the lease was approaching the critical 80-year mark. The lease extension completed in September 2008. The landlord’s costs were kept to an absolute minimum.

Beaminster case:

Dr Archie Howard completed a first floor apartment in Beaminster in January 1997. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative residencies in Beaminster with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 billed monthly. The lease finished in 2097. Taking into account 71 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.

Beaminster case:

Last April we were approach by Mr and Mrs. V Ali , who acquired a ground floor apartment in Beaminster in May 2003. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Beaminster with a long lease were worth £254,200. The mid-range ground rent payable was £60 collected yearly. The lease ended in 2077. Considering the 51 years left we calculated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus costs.