Top reasons for Beddington lease extension

Why you should commence your Beddington lease extension today:

Increase your lease and increase your Beddington property value

Beddington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Beddington tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Beddington you really ought to see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may not issue a mortgage with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your Beddington property being difficult to sell or refinance.

What makes us experts in Beddington lease extensions?

Lease extensions in Beddington can be a difficult process. We recommend you procure guidance 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 lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beddington Lease Extension Example Cases:

Nathan, Beddington, South London,

Nathan owned a conversion flat in Beddington on the market with a lease of fraction over 72 years outstanding. Nathan informally approached his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be due on a lease extension were Nathan to invoke his statutory right. Nathan procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Beddington case:

Mr and Mrs. T Davies bought a studio flat in Beddington in March 2011. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical flats in Beddington with a long lease were valued about £261,600. The mid-range amount of ground rent was £60 collected monthly. The lease elapsed on 19 October 2078. Having 52 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 plus expenses.