Why you should commence your Beckenham lease extension

Why you should commence your Beckenham lease extension today:

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

There is no doubt about it a leasehold flat or house in Beckenham is a wasting asset as a result of the shortening lease. If the lease has, more than one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Beckenham will meet the qualifying criteria; however a lawyer should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

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

Mortgage lenders will not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. Considering plenty of flats in Beckenham were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Beckenham?

Irrespective of whether you are a tenant or a landlord in Beckenham,the lease extension experts 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 Beckenham valuers.

Beckenham Lease Extension Case Studies:

Megan, Beckenham, South East London,

Following protracted discussions with the freeholder of her two bedroom apartment in Beckenham, Megan commenced the lease extension process as the 80 year mark was swiftly advancing. The legal work was finalised in October 2013. The freeholder’s fees were negotiated to approximately 600 GBP.

Beckenham case:

In 2012 we were phoned by Mr and Mrs. N Sharif who, having purchased a one bedroom flat in Beckenham in March 2008. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparable flats in Beckenham with an extended lease were in the region of £218,400. The average amount of ground rent was £60 invoiced annually. The lease expired on 22 May 2085. Considering the 59 years remaining we approximated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 plus expenses.