Main reasons to commence your Bedfont lease extension

Main reasons to start your Bedfont lease extension today:

Increase your lease and increase your Bedfont property value

Bedfont 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 Bedfont residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bedfont you really ought to see if your lease has between seventy and 90 years remaining. There are good reasons why a Bedfont leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Bedfont with in excess of one hundred 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not loan monies on a short lease

Lenders are really clamping down as regards to properties in Bedfont with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

What makes us experts in Bedfont lease extensions?

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

Bedfont Lease Extension Case Studies:

Alexandra, Bedfont, West London,

Off the back of lengthy discussions with the freeholder of her basement apartment in Bedfont, Alexandra initiated the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction was finalised in October 2014. The freeholder’s charges were negotiated to slightly above 650 pounds.

Bedfont case:

Dr Seth Jones took over the lease of a studio apartment in Bedfont in November 2009. The question was if we could estimate the price would likely be to prolong the lease by 90 years. Comparative residencies in Bedfont with an extended lease were worth £290,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease expired in 2099. Given that there were 73 years remaining we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including legals.