Why you should commence your Beacon Hill lease extension

Main reasons to commence your Beacon Hill lease extension today:

Increase your lease and increase your Beacon Hill property value

The only way is down when it comes to Beacon Hill lease terms. Beacon Hill flats that have a lease term shorter than 80 years will drop in value even faster, and the cost of extending your lease will increase.

Beacon Hill property with a lease extension is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable for lending purposes.

Why use us for your lease extension in Beacon Hill?

Regardless of whether you are a tenant or a freeholder in Beacon Hill,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Beacon Hill valuers.

Beacon Hill Lease Extension Case Studies:

Tommy, Beacon Hill, Surrey

Two years ago Tommy, started to get near to the eighty-year mark with the lease on his ground floor apartment in Beacon Hill. In buying his home 19 years ago, the lease term was of little relevance. by good luck, he realised he would imminently be paying way over the odds for a lease extension. Tommy was able to extend his lease just ahead of time in June. Tommy and the freeholder in the end agreed on a premium of £5,000 . If he had missed the deadline, the sum would have escalated by at least £975.

Beacon Hill case:

Mr M Clark moved into a basement flat in Beacon Hill in September 2004. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparable residencies in Beacon Hill with 100 year plus lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease concluded on 7 June 2077. Having 51 years remaining we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.

Beacon Hill case:

Last year we were contacted by Mr and Mrs. Y James , who took over the lease of a ground floor flat in Beacon Hill in May 2000. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparable residencies in Beacon Hill with an extended lease were valued around £285,000. The average ground rent payable was £45 billed monthly. The lease finished on 22 March 2097. Considering the 71 years outstanding we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus costs.