Top reasons for Bedford Hill lease extension

Why you should commence your Bedford Hill lease extension today:

A Bedford Hill leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Bedford Hill you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Bedford Hill with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to loan monies with a short lease

Mortgage companies are really restricting their approach as regards to homes in Bedford Hill with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

What makes us experts in Bedford Hill lease extensions?

Engaging our service gives you enhanced control over the value of your Bedford Hill leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bedford Hill Lease Extension Example Cases:

Emily, Bedford Hill, South West London,

In the wake of 6 months of lengthy negotiations with the freeholder of her garden apartment in Bedford Hill, Emily started the lease extension process as the 80 year mark was fast coming. The transaction was concluded in August 2010. The landlord’s charges were kept to an absolute minimum.

Bedford Hill case:

Last year we were called by Dr Caitlin Brooks , who completed a garden flat in Bedford Hill in May 2011. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Bedford Hill with a long lease were in the region of £280,000. The average amount of ground rent was £55 billed quarterly. The lease termination date was in 2104. Given that there were 78 years outstanding we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including professional charges.