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Main reasons to commence your Bedfont lease extension

Main reasons to commence your Bedfont lease extension today:

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

On the balance of probabilities if you own a flat in Bedfont you actually own a long leasehold interest over your property

Bedfont property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.

Lenders will not finance a property with a short lease

The trend since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
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.

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

Using our service will provide you better 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 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.

Bedfont Lease Extension Example Cases:

Rachel, Bedfont, West London,

Subsequent to lengthy discussions with the freeholder of her studio flat in Bedfont, Rachel initiated the lease extension process as the eighty year mark was quickly approaching. The lease extension was concluded in July 2009. The landlord’s charges were restricted to about 550 GBP.

Bedfont case:

Mr and Mrs. W Turner moved into a first floor apartment in Bedfont in February 2012. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical homes in Bedfont with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £50 collected quarterly. The lease came to a finish on 22 March 2100. Given that there were 75 years left we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.

Decision in Hounslow

An example of a Lease Extension decision 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 related to 1 flat. The unexpired residue of the current lease was 82.93 years.