The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Bedford Hill may extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Bedford Hill lease extension. Postponing the costs today simply escalates the amount you will ultimately have to pay for a lease extension.
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 additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service will provide you enhanced control over the value of your Bedford Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy discussions with the freeholder of her basement flat in Bedford Hill, Courtney initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The legal work was concluded in October 2013. The landlord’s charges were kept to an absolute minimum.
Last year we were called by Mr and Mrs. Y Ali , who took over the lease of a purpose-built flat in Bedford Hill in July 2009. We are asked if we could approximate the price could be to extend the lease by an additional years. Identical homes in Bedford Hill with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 billed every twelve months. The lease expired in 2105. Taking into account 79 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.
An example of a Lease Extension matter before the tribunal for a Bedford Hill flat is First Floor Flat 152a Ramsden Road in June 2009. The net result of the tribunals calculation produced a premium payable of £23,975. This case affected 1 flat. The unexpired residue of the current lease was 56.67 years.