Stop! Your Lease Extension in Beaufort Could Be FREE

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Many leaseholders in Beaufort 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 Beaufort 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.

Main reasons to start your Beaufort lease extension

Why you should start your Beaufort lease extension today:

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

The value of Beaufort leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than 80 years

Beaufort property with a lease extension is almost the same value as a freehold

Leasehold premises in Beaufort with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic as and when you wish to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you may have no immediate desire to sell but when you do your purchaser must hold off for two years before being able to initiate the legal procedures for an extension to the lease.

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.
Chelsea 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.
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

What makes us experts in Beaufort lease extensions?

Retaining our service will provide you better control over the value of your Beaufort leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Beaufort Lease Extension Example Cases:

Kian, Beaufort, Abertillery

Half a year ago Kian, started to get near to the 80-year mark with the lease on his garden flat in Beaufort. Having purchased his flat two decades ago, the lease term was of no significance. Luckily, he recognised he would imminently be paying an inflated amount for Extending the lease. Kian was able to extend his lease just in the nick of time last August. Kian and the freeholder subsequently settled on a premium of £5,500 . If he not met the deadline, the amount would have gone up by a minimum £1,125.

Beaufort case:

Last Autumn we were phoned by Mr Alfie Bailey , who acquired a newly refurbished flat in Beaufort in June 1999. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative residencies in Beaufort with an extended lease were worth £171,800. The average ground rent payable was £55 collected yearly. The lease end date was on 23 February 2076. Considering the 50 years remaining we approximated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus fees.

Beaufort case:

Mr Sebastian Torres was assigned a lease of a first floor flat in Beaufort in November 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Similar premises in Beaufort with 100 year plus lease were in the region of £280,000. The average ground rent payable was £45 collected quarterly. The lease concluded on 19 March 2096. Given that there were 70 years outstanding we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.