Why you should start your Beaufort lease extension

Main reasons to start your Beaufort lease extension today:

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

Beaufort leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Beaufort will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and steps to follow once the process has commenced so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Beaufort with in excess of one hundred years outstanding on the lease are often 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 purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to lend with a short lease

Almost all mortgage companies will not grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Beaufort property becoming difficult to sell or to obtain finance on.

What makes us experts in Beaufort lease extensions?

Using our service will provide you enhanced control over the value of your Beaufort leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide 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:

Emma, Beaufort, Abertillery,

Subsequent to lengthy correspondence with the freeholder of her basement flat in Beaufort, Emma initiated the lease extension process as the eighty year mark was fast coming. The lease extension was finalised in January 2007. The landlord’s fees were kept to an absolute minimum.

Beaufort case:

Last Spring we were called by Mr and Mrs. F Morel , who was assigned a lease of a purpose-built apartment in Beaufort in July 1996. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical flats in Beaufort with a long lease were valued around £208,600. The mid-range amount of ground rent was £60 invoiced monthly. The lease elapsed in 2083. Given that there were 57 years left we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of legals.

Beaufort case:

Last Spring we were called by Mr and Mrs. W Ramírez , who bought a first floor apartment in Beaufort in March 2006. We are asked if we could approximate the premium could be to extend the lease by 90 years. Comparative residencies in Beaufort with a long lease were in the region of £200,000. The mid-range ground rent payable was £50 billed quarterly. The lease elapsed in 2103. Having 77 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.