Stop! Your Lease Extension in Beddington South Could Be FREE

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Many leaseholders in Beddington South 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 Beddington South 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 start your Beddington South lease extension

Top reasons for lease extension now:

Increase your lease and increase your Beddington South property value

For anyone whose Beddington South property is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not lend with a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be inadequate security.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
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.

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

Irrespective of whether you are a tenant or a landlord in Beddington South,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Beddington South valuers.

Beddington South Lease Extension Case Studies:

Stephanie, Beddington South, South London,

Following unsuccessful discussions with the freeholder of her two bedroom apartment in Beddington South, Stephanie started the lease extension process just as the lease was coming close to the critical 80-year deadline. The transaction was finalised in September 2006. The landlord’s costs were kept to an absolute minimum.

Beddington South case:

Mr G González took over the lease of a purpose-built flat in Beddington South in October 2006. The question was if we could approximate the premium could be to extend the lease by 90 years. Comparative premises in Beddington South with 100 year plus lease were in the region of £173,800. The mid-range ground rent payable was £60 invoiced yearly. The lease termination date was on 15 July 2081. Having 55 years as a residual term we estimated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of costs.

Decision in Croydon

An example of a Freehold Enfranchisement decision for a Beddington South property is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case affected 4 flats. The unexpired term was 98 years.