Main reasons to commence your New Beckenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Beckenham property value

The market value of New Beckenham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not loan monies on a short lease

Lenders do not lend on short residential leases. You most probably encounter problems where you need to sell your flat in New Beckenham if the remaining term of your lease is under the criteria set by the majority of mortgage companies. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

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

The conveyancing solicitors that we work with undertake New Beckenham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

New Beckenham Lease Extension Case Studies:

Shannon, New Beckenham, South East London,

Trailing lengthy discussions with the freeholder of her purpose-built flat in New Beckenham, Shannon started the lease extension process just as her lease was approaching the all-important eighty-year mark. The legal work was concluded in August 2014. The freeholder’s fees were kept to an absolute minimum.

New Beckenham case:

In 2011 we were contacted by Mr O Patel who, having completed a purpose-built apartment in New Beckenham in August 2005. The question was if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Identical homes in New Beckenham with 100 year plus lease were worth £295,000. The average amount of ground rent was £45 billed yearly. The lease lapsed in 2100. Taking into account 74 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.