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.

Beacontree Heath leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Beacontree Heath tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Beacontree Heath you must see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in Beacontree Heath with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Why use us for your lease extension in Beacontree Heath?

Regardless of whether you are a tenant or a landlord in Beacontree Heath,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Beacontree Heath valuers.

Beacontree Heath Lease Extension Example Cases:

Leon, Beacontree Heath, London,

Leon owned a 2 bedroom flat in Beacontree Heath being sold with a lease of fraction over 59 years unexpired. Leon informally contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Leon to invoke his statutory right. Leon obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Beacontree Heath case:

In 2013 we were phoned by Ms Rachael Davies who, having took over the lease of a one bedroom apartment in Beacontree Heath in November 1996. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparative properties in Beacontree Heath with an extended lease were valued about £267,600. The mid-range amount of ground rent was £65 billed every twelve months. The lease came to a finish on 19 June 2093. Given that there were 67 years outstanding we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of costs.