Bedford Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Bedford Hill enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Bedford Hill you really ought to see if your lease has between 70 and ninety years remaining. There are good reasons why a Bedford Hill leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
Lease extensions in Bedford Hill can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Bedford Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful discussions with the freeholder of her one bedroom apartment in Bedford Hill, Alisha started the lease extension process as the eighty year mark was rapidly nearing. The legal work completed in March 2005. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. C Campbell purchased a one bedroom flat in Bedford Hill in March 1998. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Similar homes in Bedford Hill with an extended lease were worth £245,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease concluded on 27 August 2094. Given that there were 68 years outstanding we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.
An example of a Lease Extension case for a Bedford Hill property 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 term as at the valuation date was 56.67 years.