The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Beckenham may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Beckenham lease extension. Putting off the costs today simply increases the price you will ultimately have to pay to extend the lease.
Leasehold premises in Beckenham with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Beckenham can be a difficult process. We recommend you secure guidance from a lawyer 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 a wealth of experience procuring Beckenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Freddie owned a studio apartment in Beckenham being sold with a lease of a little over fifty eight years unexpired. Freddie on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert advice and secured an acceptable deal informally and readily saleable.
Dr I Campbell purchased a basement apartment in Beckenham in July 2008. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative flats in Beckenham with an extended lease were valued around £265,200. The average amount of ground rent was £65 invoiced quarterly. The lease finished on 7 June 2091. Considering the 66 years remaining we estimated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 not including professional charges.
An example of a Freehold Enfranchisement decision for a Beckenham premises is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case was in relation to 2 flats. The unexpired lease term was 76.75 and 88.83.