Stop! Your Lease Extension in Bedfont Could Be FREE

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Many leaseholders in Bedfont are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Bedfont has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Bedfont lease extension

Top reasons for lease extension now:

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

For anyone whose Bedfont property is held on a long lease, our message is clear – if no remedial action is taken, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not lend on a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years left once the mortgage has expired. Given that a number of flats in Bedfont were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

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.
 


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.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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 Bedfont?

The lawyers that we work with undertake Bedfont lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Bedfont Lease Extension Case Studies:

Max, Bedfont, West London

Last Autumn Max, started to get near to the 80-year threshold with the lease on his ground floor apartment in Bedfont. Having bought his flat twenty years previously, the lease term was of no importance. Fortunately, he noticed he would imminently be paying an escalated premium for Extending the lease. Max extended the lease just under the wire last May. Max and the landlord in the end agreed on an amount of £5,500 . If the lease had gone to less than eighty years, the premium would have escalated by a minimum £875.

Bedfont case:

Last Christmas we were contacted by Dr W Walker , who was assigned a lease of a one bedroom apartment in Bedfont in June 2003. The dilemma was if we could approximate the premium would likely be to prolong the lease by 90 years. Comparable premises in Bedfont with a long lease were valued around £191,400. The average amount of ground rent was £55 invoiced per annum. The lease ended on 28 July 2080. Having 54 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 exclusive of costs.

Decision in Hounslow

An example of a Lease Extension case for a Bedfont flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term as at the valuation date was 82.93 years.