Why you should commence your Bedford Hill lease extension

Top reasons for lease extension now:

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

Bedford Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Bedford Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Bedford Hill you would be well advised to check if your lease has between 70 and ninety years left. There are compelling reasons why a Bedford Hill leaseholder with a lease having around eighty years remaining should take steps to ensure that a lease extension is actioned without delay

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

Leasehold properties in Bedford Hill with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to issue a mortgage with a short lease

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

Regardless of whether you are a tenant or a freeholder in Bedford Hill,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bedford Hill valuers.

Bedford Hill Lease Extension Case Summaries:

Dylan, Bedford Hill, South West London,

Dylan owned a studio flat in Bedford Hill on the market with a lease of just over 61 years remaining. Dylan informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Dylan to invoke his statutory right. Dylan procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Bedford Hill case:

Mr E Rogers purchased a garden apartment in Bedford Hill in April 1995. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparative homes in Bedford Hill with 100 year plus lease were worth £218,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease finished on 27 March 2089. Having 63 years left we approximated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of professional charges.