Top reasons for Beddington lease extension

Main reasons to start 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 accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Beddington enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Beddington you must check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage on a short lease

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

Retaining our service gives you enhanced control over the value of your Beddington leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Beddington Lease Extension Example Cases:

Jack, Beddington, South London

18 months ago Jack, started to get close to the 80-year mark with the lease on his one bedroom flat in Beddington. Having purchased his home two decades ago, the unexpired term was of minimal importance. Luckily, he noticed he needed to take steps soon on a lease extension. Jack extended the lease just in the nick of time in January. Jack and the landlord in the end agreed on a premium of £5,000 . If the lease had slipped to less than eighty years, the figure would have become more costly by a minimum £1,150.

Beddington case:

Mr Lewis Roberts was assigned a lease of a studio apartment in Beddington in November 2010. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar premises in Beddington with an extended lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease lapsed on 10 September 2086. Considering the 60 years unexpired we calculated the premium to the landlord to extend the lease to be between £20,900 and £24,200 not including costs.