Main reasons to commence your New Beckenham lease extension

Main reasons to commence your New Beckenham lease extension today:

Increase your lease and increase your New Beckenham property value

New Beckenham 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 becomes more expensive. Legislation has been in place for sometime now which permits qualifying New Beckenham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in New Beckenham you would be well advised to check if your lease has between 70 and 90 years remaining. There are compelling reasons why a New Beckenham leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in New Beckenham with over 100 years left 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 purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not lend with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is probable that someone wanting to purchase your property in the future might well do, so if they can't get a mortgage, then the value of the property will likely suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in New Beckenham?

Lease extensions in New Beckenham can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.

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 procuring New Beckenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

New Beckenham Lease Extension Example Cases:

Courtney, New Beckenham, South East London,

In the wake of eight months of unsuccessful correspondence with the freeholder of her two bedroom flat in New Beckenham, Courtney started the lease extension process just as the lease was nearing the all-important eighty-year deadline. The transaction was finalised in April 2005. The freeholder’s costs were kept to an absolute minimum.

New Beckenham case:

Last Autumn we were contacted by Dr K López , who owned a one bedroom apartment in New Beckenham in May 2011. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative homes in New Beckenham with 100 year plus lease were valued around £218,400. The average amount of ground rent was £60 billed per annum. The lease ended on 23 October 2085. Taking into account 59 years left we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 plus professional charges.