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 leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease falls below 80 years - otherwise a higher premium will be due. Leasehold owners in Beddau will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain cases you may not qualify. There are prescribed timetables and procedures to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to loan monies on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years remaining at the end of the mortgage. Considering a number of flats in Beddau were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Beddau lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Beddau,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 experience and the close ties they enjoy with Beddau valuers.

Beddau Lease Extension Case Summaries:

Ryan, Beddau, Abercynon,

Ryan owned a studio apartment in Beddau being sold with a lease of fraction over 72 years unexpired. Ryan on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Ryan to invoke his statutory right. Ryan procured expert legal guidance and secured satisfactory resolution informally and sell the property.

Beddau case:

Last Spring we were e-mailed by Mr U Rose , who owned a one bedroom flat in Beddau in May 2003. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar properties in Beddau with an extended lease were worth £290,000. The average ground rent payable was £45 collected yearly. The lease ran out on 21 May 2099. Given that there were 73 years remaining we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.

Beddau case:

In 2010 we were approached by Mr and Mrs. T Baker who, having was assigned a lease of a ground floor flat in Beddau in August 2010. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative homes in Beddau with 100 year plus lease were valued about £235,600. The mid-range ground rent payable was £60 collected annually. The lease expired on 26 August 2088. Given that there were 62 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.