Stop! Your Lease Extension in Beddau Could Be FREE

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Many leaseholders in Beddau are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Beddau has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Beddau lease extension

Why you should start your Beddau lease extension today:

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

Beddau residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This will cause difficulties once you need to sell or remortgage your flat as it will be effectively unmortgageable. You may have no imminent desire to sell but when you do your purchaser will have to wait 2 years before they can exercise the right to a a lease extension.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Beddau?

Retaining our service will provide you increased control over the value of your Beddau leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Beddau Lease Extension Case Studies:

Leo, Beddau, Abercynon

Last October Leo, started to get near to the 80-year mark with the lease on his purpose- built flat in Beddau. Having purchased his home two decades ago, the lease term was of no importance. Thankfully, he noticed he would soon be paying an escalated premium for a lease extension. Leo extended the lease just in the nick of time in September. Leo and the freeholder eventually agreed on the final figure of £5,000 . If the lease had slid lower than eighty years, the price would have become more exhorbitant by at least £975.

Beddau case:

In 2011 we were e-mailed by Mr and Mrs. A Michel who, having completed a first floor flat in Beddau in April 2011. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar properties in Beddau with a long lease were worth £210,000. The average ground rent payable was £50 billed quarterly. The lease ended on 13 August 2105. Having 79 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus expenses.

Beddau case:

In 2010 we were approached by Dr Reuben Robinson who, having moved into a one bedroom apartment in Beddau in February 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative flats in Beddau with 100 year plus lease were valued around £275,000. The mid-range amount of ground rent was £45 billed annually. The lease ran out on 4 October 2095. Considering the 69 years outstanding we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.