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.

Why you should start your Beddington South lease extension

Why you should commence your Beddington South lease extension today:

A Beddington South lease depreciates with the years remaining on the lease.

The market value of Beddington South leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not loan monies on a short lease

Banks and building societies vary in their lending requirements. Some set the bar at 75 years remaining on the lease; others may be happy with anything in excess seventy years. With less than 60 years, it may be problematic to get a mortgage in the first place.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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

Lease extensions in Beddington South can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.

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.

Beddington South Lease Extension Case Summaries:

Thomas, Beddington South, South London,

Thomas was the the leasehold owner of a studio flat in Beddington South on the market with a lease of a few days over 72 years unexpired. Thomas on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Thomas to exercise his statutory right. Thomas obtained expert advice and was able to make an informed decision and handle with the matter and sell the flat.

Beddington South case:

Mr and Mrs. N Bernard bought a studio flat in Beddington South in July 2011. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Comparable residencies in Beddington South with 100 year plus lease were in the region of £191,000. The average ground rent payable was £65 invoiced monthly. The lease terminated on 9 March 2084. Considering the 58 years unexpired we approximated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 not including expenses.

Decision in Croydon

An example of a Freehold Enfranchisement matter before the tribunal for a Beddington South flat 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 was in relation to 4 flats. The unexpired residue of the current lease was 98 years.