Main reasons to commence your Beckenham lease extension

Main reasons to commence your Beckenham lease extension today:

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

Chances are that if you own a flat in Beckenham you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

The trend since 2008 has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Beckenham?

Lease extensions in Beckenham can be a difficult process. We recommend you procure guidance from a lawyer 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 in-depth market knowledge dealing with Beckenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beckenham Lease Extension Example Cases:

Ellie, Beckenham, South East London,

Subsequent to lengthy correspondence with the freeholder of her leasehold apartment in Beckenham, Ellie commenced the lease extension process as the eighty year deadline was rapidly nearing. The transaction was finalised in May 2012. The freeholder’s costs were kept to an absolute minimum.

Beckenham case:

Dr H Rivera acquired a one bedroom apartment in Beckenham in September 2008. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical flats in Beckenham with 100 year plus lease were valued about £280,000. The average ground rent payable was £45 billed quarterly. The lease elapsed in 2097. Given that there were 71 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.