Top reasons for Beacontree Heath lease extension

Main reasons to commence your Beacontree Heath lease extension today:

A Beacontree Heath leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Beacontree Heath lease terms. Beacontree Heath properties that have a residual term shorter than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will rise.

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

Leasehold residencies in Beacontree Heath with over 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 estate charges justify it.

Lenders will not lend on a short lease

Banks and building societies are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering many flats in Beacontree Heath were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Beacontree Heath lease extensions?

Using our service will provide you better control over the value of your Beacontree Heath leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Beacontree Heath Lease Extension Case Studies:

Isaac, Beacontree Heath, London

Last year Isaac, came very close to the 80-year threshold with the lease on his purpose- built flat in Beacontree Heath. In buying his home 19 years previously, the unexpired term was of no concern. As luck would have it, he recognised he needed to take action soon on Extending the lease. Isaac was able to extend his lease at the eleventh hour last September. Isaac and the landlord who owned the flat above subsequently agreed on a premium of £6,000 . If he not met the deadline, the amount would have gone up by at least £900.

Beacontree Heath case:

Ms J Flores completed a ground floor flat in Beacontree Heath in August 2001. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical flats in Beacontree Heath with a long lease were in the region of £257,800. The mid-range amount of ground rent was £65 collected monthly. The lease finished in 2090. Given that there were 65 years unexpired we estimated the premium to the landlord to extend the lease to be between £17,100 and £19,800 plus fees.