Top reasons for Beacontree Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Beacontree Heath property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Beacontree Heath can extend the lease for an additional ninety years under Leasehold Reform legislation. Please think carefully before delaying your Beacontree Heath lease extension. Postponing the costs now simply escalates the price you will ultimately be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold properties in Beacontree Heath with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Beacontree Heath if the remaining lease term is under the criteria set by the majority of mortgage companies. Different lenders have varying requirements but generally they are looking for a minimum remaining lease term of seventy years.

Get in touch with one of our Beacontree Heath lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Beacontree Heath,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Beacontree Heath valuers.

Beacontree Heath Lease Extension Example Cases:

Teddy, Beacontree Heath, London

Last year Teddy, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Beacontree Heath. In buying his flat two decades ago, the lease term was of no concern. Luckily, he became aware that he needed to take steps soon on Extending the lease. Teddy arranged for a lease extension just under the wire in September. Teddy and the freeholder via the management company eventually agreed on a premium of £6,000 . If the lease had fallen to less than 80 years, the figure would have become more costly by a minimum £850.

Beacontree Heath case:

In 2011 we were phoned by Dr Aarav Smith who, having acquired a basement flat in Beacontree Heath in April 2003. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Identical premises in Beacontree Heath with an extended lease were valued around £181,600. The average ground rent payable was £55 invoiced yearly. The lease ended in 2078. Considering the 52 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including expenses.