Main reasons to commence your Beadnell lease extension

Top reasons for lease extension now:

A Beadnell leasehold property depreciates with the years remaining on the lease.

Beadnell leases on residential deteriorating in value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Beadnell will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.

Beadnell property with a lease extension has roughly the same value as a freehold

Leasehold properties in Beadnell with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Considering many flats in Beadnell were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Beadnell?

Irrespective of whether you are a tenant or a freeholder in Beadnell,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 experience and the close ties they enjoy with Beadnell valuers.

Beadnell Lease Extension Example Cases:

Maisie, Beadnell, Northumberland,

After lengthy discussions with the freeholder of her ground floor apartment in Beadnell, Maisie started the lease extension process as the 80 year deadline was quickly approaching. The lease extension was finalised in January 2012. The landlord’s fees were negotiated to less than 550 GBP.

Beadnell case:

Mr and Mrs. O Simon was assigned a lease of a one bedroom apartment in Beadnell in January 2005. The question was if we could estimate the premium would be to prolong the lease by an additional years. Similar flats in Beadnell with an extended lease were valued around £285,000. The mid-range ground rent payable was £55 billed every twelve months. The lease ran out in 2106. Considering the 80 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.

Beadnell case:

Last Christmas we were phoned by Dr Y Carter , who bought a basement apartment in Beadnell in June 2006. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Identical flats in Beadnell with 100 year plus lease were in the region of £200,800. The average amount of ground rent was £65 collected monthly. The lease expired on 25 June 2086. Considering the 60 years outstanding we estimated the premium to the freeholder for the lease extension to be within £20,900 and £24,200 exclusive of professional charges.