Why you should commence your Bedford Hill lease extension

Main reasons to commence your Bedford Hill lease extension today:

Increase your lease and increase your Bedford Hill property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Bedford Hill. Inevitably, the term of lease left shortens over time. This may slip by relatively unnoticed when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Bedford Hill have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give due attention before delaying your Bedford Hill lease extension. Putting off that expense now likely increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

Leasehold properties in Bedford Hill with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 warrant it.

Lenders may not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get nervous at around 75 years. This may cause difficulties once you wish to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may not have an imminent intention to sell but when you do your buyer will have to wait two years before being able to commence the legal procedures for an extension to the lease.

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

The conveyancers that we work with procure Bedford Hill 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 conveyancing solicitor we work with provide it.

Bedford Hill Lease Extension Case Summaries:

Alexander, Bedford Hill, South West London,

Alexander was the the leasehold owner of a 2 bedroom apartment in Bedford Hill on the market with a lease of a little over sixty years outstanding. Alexander on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alexander to invoke his statutory right. Alexander obtained expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.

Bedford Hill case:

Dr J Ali owned a one bedroom flat in Bedford Hill in January 2008. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative premises in Bedford Hill with 100 year plus lease were worth £254,200. The mid-range ground rent payable was £60 invoiced per annum. The lease expired on 2 May 2077. Having 51 years remaining we estimated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 not including expenses.