Top reasons for Bedford Hill lease extension

Why you should commence your Bedford Hill lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Bedford Hill. Inevitably, the period of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Bedford Hill have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Do give due attention before putting off your Bedford Hill lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension

Bedford Hill property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Lenders are inclined not grant a mortgage on short residential leases. You most probably encounter difficulties if you want to sell your flat in Bedford Hill if the unexpired lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but in the main they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Bedford Hill?

Engaging our service gives you better control over the value of your Bedford Hill leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bedford Hill Lease Extension Example Cases:

Rory, Bedford Hill, South West London,

Rory owned a high value apartment in Bedford Hill on the market with a lease of just over fifty eight years remaining. Rory on an informal basis approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Rory to invoke his statutory right. Rory obtained expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Bedford Hill case:

In 2013 we were called by Ms O Robinson who, having acquired a newly refurbished flat in Bedford Hill in September 2001. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Similar flats in Bedford Hill with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 collected annually. The lease finished on 20 March 2082. Having 56 years unexpired we approximated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 plus costs.