Main reasons to start your Beckenham lease extension

Why you should start your Beckenham lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Beckenham. Clearly, the length of lease left shortens over time. This may pass by relatively unnoticed when the property has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Beckenham have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give due consideration before putting off your Beckenham lease extension. Holding off the cost now only increases the price you will eventually incur for a lease extension

Beckenham property with a lease extension has roughly the same value as a freehold

Leasehold properties in Beckenham with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not finance a property on a short lease

What makes us experts in Beckenham lease extensions?

Lease extensions in Beckenham can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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:

Omar, Beckenham, South East London,

Omar owned a conversion apartment in Beckenham on the market with a lease of fraction over fifty eight years left. Omar on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Omar to invoke his statutory right. Omar obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Beckenham case:

In 2013 we were called by Mr and Mrs. H Robinson who, having moved into a basement apartment in Beckenham in November 2009. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Comparative properties in Beckenham with a long lease were valued around £198,800. The average ground rent payable was £55 billed yearly. The lease came to a finish on 27 July 2081. Given that there were 55 years remaining we calculated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including professional charges.