Unfortunately that a Beaufort residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Beaufort property market.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining dips below 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Beaufort will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor for the duration of the process.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Beaufort can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 a wealth of experience dealing with Beaufort lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the landlord of her ground floor flat in Beaufort, Morgan commenced the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The legal work was finalised in April 2014. The landlord’s fees were kept to an absolute minimum.
Last Summer we were called by Mrs K Thompson , who acquired a first floor flat in Beaufort in August 2006. The question was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Beaufort with an extended lease were in the region of £233,200. The average amount of ground rent was £60 collected monthly. The lease concluded in 2087. Considering the 61 years left we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus legals.
In 2013 we were contacted by Mr and Mrs. C Green who, having moved into a garden apartment in Beaufort in February 2011. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparable premises in Beaufort with a long lease were in the region of £171,800. The mid-range amount of ground rent was £55 invoiced annually. The lease elapsed in 2076. Taking into account 50 years outstanding we approximated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including professional charges.