Beacontree Heath 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 gets more expensive. Legislation has been in place for sometime now which entitles qualifying Beacontree Heath residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Beacontree Heath you really ought to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Beacontree Heath flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is put in place without delay
It is conventional wisdom that a residential leasehold with in excess of 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 premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
Lease extensions in Beacontree Heath can be a difficult process. We recommend you procure 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 dealing with Beacontree Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the freeholder of her ground floor apartment in Beacontree Heath, Abigail initiated the lease extension process as the eighty year deadline was fast approaching. The transaction completed in May 2010. The freeholder’s charges were kept to an absolute minimum.
Last year we were e-mailed by Mr and Mrs. V Mason , who purchased a garden flat in Beacontree Heath in November 1995. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar residencies in Beacontree Heath with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 invoiced yearly. The lease terminated on 26 February 2098. Taking into account 73 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
An example of a Lease Extension matter before the tribunal 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 was in relation to 1 flat. The remaining number of years on the lease was 61.36 years.