Top reasons for Beddau lease extension

Main reasons to start your Beddau lease extension today:

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

Beddau leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Beddau enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Beddau you would be well advised to see if your lease has between seventy and ninety years left. There are compelling reasons why a Beddau leaseholder with a lease having around 80 years left should take steps to make sure that a lease extension is effected without delay

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

Leasehold residencies in Beddau with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to grant a mortgage with a short lease

The propensity since 2008 has been for banks to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. Historically banks were content with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Beddau lease extensions?

Lease extensions in Beddau can be a difficult process. We recommend you get guidance from a conveyancer 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 a wealth of experience procuring Beddau lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beddau Lease Extension Case Studies:

Bethany, Beddau, Abercynon,

In the wake of eight months of lengthy negotiations with the freeholder of her one bedroom flat in Beddau, Bethany commenced the lease extension process as the 80 year threshold was rapidly advancing. The legal work was finalised in November 2013. The freeholder’s fees were kept to an absolute minimum.

Beddau case:

In 2014 we were approached by Ms W Bailey who, having moved into a ground floor apartment in Beddau in January 1996. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar homes in Beddau with a long lease were worth £233,200. The mid-range amount of ground rent was £60 billed every twelve months. The lease ran out in 2087. Considering the 61 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 not including fees.

Beddau case:

Mr and Mrs. R Díaz took over the lease of a garden apartment in Beddau in August 2012. We are asked if we could estimate the price could be for a 90 year extension to my lease. Similar homes in Beddau with an extended lease were in the region of £166,800. The mid-range amount of ground rent was £50 billed per annum. The lease lapsed on 21 October 2076. Given that there were 50 years as a residual term we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including professional charges.