Stop! Your Lease Extension in Beacontree Heath Could Be FREE

Get a Free Case Review
Many leaseholders in Beacontree Heath are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Beacontree Heath has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Beacontree Heath lease extension

Main reasons to start your Beacontree Heath lease extension today:

Increase your lease and increase your Beacontree Heath property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Beacontree Heath may extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Beacontree Heath lease extension. Shelving the costs today simply escalates the premium you will ultimately be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Beacontree Heath with over 100 years unexpired on the lease are often regarded as a ‘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.

Lending institutions may decide not to loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties when you need to sell or refinance your flat as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your purchaser will need to wait two years before they can exercise the right to a a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Beacontree Heath?

Regardless of whether you are a tenant or a freeholder in Beacontree Heath,the lease extension solicitors 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 Beacontree Heath valuers.

Beacontree Heath Lease Extension Example Cases:

Jordan, Beacontree Heath, London,

Off the back of lengthy negotiations with the landlord of her one bedroom flat in Beacontree Heath, Jordan initiated the lease extension process as the 80 year mark was quickly approaching. The transaction was concluded in November 2014. The landlord’s costs were restricted to about 500 pounds.

Beacontree Heath case:

Mr and Mrs. K Taylor acquired a ground floor flat in Beacontree Heath in May 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Beacontree Heath with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 collected every twelve months. The lease concluded on 27 September 2090. Given that there were 64 years remaining we calculated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of legals.

Decision in Redbridge

An example of a Lease Extension case for a Beacontree Heath premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired lease term was 61.36 years.