Main reasons to start your Bedfont lease extension

Why you should commence your Bedfont lease extension today:

Increase your lease and increase your Bedfont property value

There is no doubt about it a leasehold property in Bedfont is a wasting asset as a result of the shortening lease. Where the lease has, over 99 years to run then this decrease may be of little impact however there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner rather than later. The majority of flat owners in Bedfont will qualify for this right; however a conveyancer can confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Bedfont with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to finance a property with a short lease

Most banks and building societies will be unwilling to lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Bedfont property being difficult to sell or refinance.

Get in touch with one of our Bedfont lease extension solicitors or enfranchisement solicitors

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

Bedfont Lease Extension Case Summaries:

Isaac, Bedfont, West London

Last Autumn Isaac, started to get close to the eighty-year mark with the lease on his purpose- built flat in Bedfont. Having bought his flat two decades ago, the unexpired term was of minimal concern. As luck would have it, it dawned on him that he would soon be paying an escalated premium for a lease extension. Isaac extended the lease just in the nick of time last July. Isaac and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If the lease had dropped lower than 80 years, the figure would have escalated by a minimum £1,075.

Bedfont case:

Last month we were phoned by Dr U David , who acquired a basement flat in Bedfont in May 2008. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Comparative flats in Bedfont with 100 year plus lease were in the region of £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease ended on 27 February 2087. Given that there were 61 years left we approximated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 not including fees.