Top reasons for Biggin Hill lease extension

Main reasons to commence your Biggin Hill lease extension today:

Increase your lease and increase your Biggin Hill property value

Biggin Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Biggin Hill residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Biggin Hill you must investigate if your lease has between 70 and ninety years remaining. There are compelling reasons why a Biggin Hill flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

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

Leasehold premises in Biggin Hill with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not grant a mortgage with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

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

Lease extensions in Biggin Hill can be a difficult process. We recommend you secure guidance 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 a wealth of experience dealing with Biggin Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Biggin Hill Lease Extension Case Summaries:

Michael, Biggin Hill, Kent,

Michael owned a conversion flat in Biggin Hill on the market with a lease of just over 59 years outstanding. Michael informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Michael to invoke his statutory right. Michael obtained expert advice and secured satisfactory deal informally and readily saleable.

Biggin Hill case:

Last Autumn we were phoned by Mr and Mrs. I Bell , who bought a first floor flat in Biggin Hill in July 1998. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical premises in Biggin Hill with 100 year plus lease were valued about £198,800. The mid-range ground rent payable was £55 collected per annum. The lease elapsed in 2081. Given that there were 55 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus professional charges.