Beddington South leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease dips lower than eighty years - otherwise a higher premium will be due. Leasehold owners in Beddington South will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Beddington South with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Beddington South can be a difficult process. We recommend you secure guidance from a lawyer 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 in-depth market knowledge dealing with Beddington South lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Leon, came critically near to the eighty-year threshold with the lease on his purpose- built flat in Beddington South. In buying his property 18 years previously, the unexpired term was of no interest. As luck would have it, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Leon arranged for a lease extension just under the wire last March. Leon and the freeholder via the management company eventually agreed on an amount of £6,000 . If the lease had slid lower than eighty years, the figure would have become more exhorbitant by at least £1,050.
In 2010 we were contacted by Dr Kayleigh Taylor who, having acquired a one bedroom apartment in Beddington South in February 2008. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable premises in Beddington South with a long lease were worth £176,200. The average amount of ground rent was £65 collected quarterly. The lease came to a finish on 17 June 2081. Having 56 years unexpired we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of expenses.
An example of a Freehold Enfranchisement matter before the tribunal 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 related to 4 flats. The remaining number of years on the lease was 98 years.