Main reasons to commence your Biggleswade lease extension

Main reasons to commence your Biggleswade lease extension today:

A Biggleswade lease depreciates with the years remaining on the lease.

Biggleswade 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 your lease becomes more expensive. It is the case that most Biggleswade tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Biggleswade you should check if your lease has between seventy and ninety years left. There are good reasons why a Biggleswade leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is effected without delay

Biggleswade property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage on a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. Historically mortgage companies were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Biggleswade lease extensions?

Regardless of whether you are a tenant or a freeholder in Biggleswade,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 in-depth market knowledge and the close ties they enjoy with Biggleswade valuers.

Biggleswade Lease Extension Example Cases:

Molly, Biggleswade, Bedfordshire,

Trailing protracted correspondence with the landlord of her first floor flat in Biggleswade, Molly commenced the lease extension process just as the lease was approaching the crucial 80-year deadline. The legal work completed in October 2010. The landlord’s fees were negotiated to approximately 550 pounds.

Biggleswade case:

In 2009 we were called by Dr William Rose who, having acquired a basement apartment in Biggleswade in November 2009. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Similar flats in Biggleswade with an extended lease were worth £290,000. The mid-range amount of ground rent was £55 billed monthly. The lease ended on 11 June 2106. Given that there were 80 years unexpired we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.

Biggleswade case:

In 2010 we were called by Mr and Mrs. W François who, having took over the lease of a ground floor apartment in Biggleswade in June 2012. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Similar homes in Biggleswade with an extended lease were in the region of £200,800. The average ground rent payable was £65 invoiced quarterly. The lease ended in 2086. Having 60 years left we estimated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of expenses.