Beckenham Lease Extension - Free Consultation

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Main reasons to commence your Beckenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Beckenham property value

Beckenham leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the existing lease drops lower than 80 years - otherwise a higher amount will be payable. Leasehold owners in Beckenham will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not qualify. There are also strict deadlines and steps to follow once the process is initiated so it’s best to be guided by a lawyer during the process.

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

Leasehold properties in Beckenham with more than 100 years remaining 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lenders may decide not to loan monies with a short lease

Mortgage lenders are less likely to give a loan offer on a residential flat in Beckenham with a short lease. Some lenders simply refuse a mortgage on leases with under 75 years left.

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.
Coventry Building Society 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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Beckenham?

Regardless of whether you are a tenant or a landlord in Beckenham,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Beckenham valuers.

Beckenham Lease Extension Case Studies:

Lewis, Beckenham, South East London

18 months ago Lewis, came very close to the eighty-year mark with the lease on his ground floor apartment in Beckenham. In buying his home 19 years previously, the length of the lease was of no importance. Luckily, he recognised he needed to take action soon on Extending the lease. Lewis extended the lease just under the wire in July. Lewis and the freeholder via the managing agents eventually settled on an amount of £5,500 . If the lease had dropped to less than 80 years, the figure would have become more exhorbitant by a minimum £875.

Beckenham case:

Last Autumn we were phoned by Dr F White , who completed a studio flat in Beckenham in May 2000. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative flats in Beckenham with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 billed every twelve months. The lease ran out in 2103. Taking into account 79 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.

Decision in Bromley

An example of a Freehold Enfranchisement decision for a Beckenham flat is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case affected 2 flats. The unexpired lease term was 76.75 and 88.83.