Why you should commence your Beddington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Beddington property value

On the balance of probabilities where you own a flat in Beddington you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not finance a property on a short lease

The trend since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Beddington lease extensions?

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

Beddington Lease Extension Case Studies:

Henry, Beddington, South London,

Henry was the the leasehold owner of a studio flat in Beddington on the market with a lease of a few days over 72 years unexpired. Henry on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Henry to exercise his statutory right. Henry procured expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.

Beddington case:

Last Christmas we were approach by Dr Zoe Robinson , who acquired a basement apartment in Beddington in November 1996. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparable homes in Beddington with an extended lease were in the region of £275,000. The average ground rent payable was £55 collected quarterly. The lease ran out on 2 February 2102. Having 76 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.