Top reasons for Beaconsfield lease extension

Why you should start your Beaconsfield lease extension today:

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

Beaconsfield leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Beaconsfield enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Beaconsfield you must investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold premises in Beaconsfield with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to finance a property on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Beaconsfield property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Beaconsfield?

Lease extensions in Beaconsfield can be a difficult process. We recommend you obtain professional help 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 procuring Beaconsfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beaconsfield Lease Extension Example Cases:

Jennifer, Beaconsfield, Buckinghamshire,

Subsequent to unsuccessful negotiations with the freeholder of her leasehold apartment in Beaconsfield, Jennifer commenced the lease extension process just as her lease was nearing the all-important 80-year threshold. The transaction was concluded in March 2009. The freeholder’s charges were kept to an absolute minimum.

Beaconsfield case:

Mr and Mrs. F Campbell purchased a one bedroom flat in Beaconsfield in July 1999. We are asked if we could estimate the price would be to extend the lease by 90 years. Comparable flats in Beaconsfield with 100 year plus lease were in the region of £285,000. The average ground rent payable was £55 invoiced annually. The lease expired on 16 March 2106. Given that there were 80 years left we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.

Beaconsfield case:

Ms P Patel completed a purpose-built apartment in Beaconsfield in February 2006. We are asked if we could estimate the premium would be to extend the lease by 90 years. Identical premises in Beaconsfield with a long lease were valued around £200,800. The average ground rent payable was £65 invoiced monthly. The lease finished in 2086. Having 60 years as a residual term we approximated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including professional charges.