Top reasons for Beddington lease extension

Why you should commence your Beddington lease extension today:

A Beddington leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Beddington lease terms. Beddington flats that have a residual term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.

Beddington property with a lease extension has roughly the same value as a freehold

Leasehold properties in Beddington with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may decide not to finance a property with a short lease

Many mortgage companies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this could result in your Beddington property becoming difficult to sell or to obtain finance on.

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

Lease extensions in Beddington can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.

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 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:

Thomas, Beddington, South London

In 2014 Thomas, came critically close to the 80-year threshold with the lease on his garden apartment in Beddington. Having purchased his property two decades ago, the length of the lease was of minimal relevance. As luck would have it, he realised he needed to take steps soon on a lease extension. Thomas extended the lease just in the nick of time in April. Thomas and the landlord eventually agreed on sum of £5,500 . If the lease had descended below 80 years, the premium would have escalated by at least £850.

Beddington case:

Last November we were called by Mr George Brown , who took over the lease of a garden apartment in Beddington in August 2009. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparative flats in Beddington with 100 year plus lease were in the region of £225,400. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease terminated in 2090. Having 64 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including professional charges.