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Top reasons for Beaufort lease extension


Main reasons to commence your Beaufort lease extension today:

A Beaufort leasehold property depreciates with the years remaining on the lease.

Beaufort leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Beaufort enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Beaufort you really ought to see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically 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 residencies in Beaufort with over one hundred years left 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to finance a property with a short lease

Lenders are really clamping down as regards to properties in Beaufort with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Beaufort?

Engaging our service gives you increased control over the value of your Beaufort leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Beaufort Lease Extension Example Cases:

Reuben, Beaufort, Abertillery,

Reuben owned a conversion flat in Beaufort on the market with a lease of just over fifty eight years outstanding. Reuben informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Reuben to exercise his statutory right. Reuben procured expert advice and secured satisfactory deal informally and readily saleable.

Beaufort case:

Mr and Mrs. M Hernández moved into a basement apartment in Beaufort in September 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative flats in Beaufort with an extended lease were worth £233,200. The average amount of ground rent was £60 invoiced quarterly. The lease concluded in 2086. Having 61 years unexpired we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including costs.

Beaufort case:

In 2012 we were called by Mr and Mrs. L Wright who, having acquired a garden flat in Beaufort in June 2008. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparable premises in Beaufort with an extended lease were valued about £166,800. The mid-range amount of ground rent was £50 billed quarterly. The lease finished in 2075. Considering the 50 years left we estimated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including professional charges.