Why you should commence your Beddington South lease extension

Why you should commence your Beddington South lease extension today:

Increase your lease and increase your Beddington South property value

Unfortunately that a Beddington South residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Beddington South property prices.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining falls under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Beddington South will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the process.

Beddington South property with a lease extension is almost the same value as a freehold

Leasehold properties in Beddington South with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage on a short lease

Mortgage lenders have specific criteria when lending funds charged on leasehold homes. Many will simply not lend at all once the residual lease term goes under a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years suitable security. As well as this being important when selling, it is also relevant where you are intending to refinance your Beddington South property.

What makes us experts in Beddington South lease extensions?

Lease extensions in Beddington South can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 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.

Beddington South Lease Extension Example Cases:

Chantelle, Beddington South, South London,

After unsuccessful negotiations with the freeholder of her garden apartment in Beddington South, Chantelle started the lease extension process just as the lease was approaching the critical eighty-year mark. The legal work completed in March 2013. The freeholder’s costs were restricted to approximately 650 pounds.

Beddington South case:

In 2014 we were approached by Mr and Mrs. S Díaz who, having owned a first floor apartment in Beddington South in October 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Similar premises in Beddington South with an extended lease were valued around £265,000. The mid-range amount of ground rent was £50 collected monthly. The lease came to a finish on 15 May 2099. Considering the 73 years remaining we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.