The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Bedford can extend the lease for a further 90 years under statute. Do think carefully before delaying your Bedford lease extension. Shelving that expense now simply increases the amount you will ultimately have to pay to extend the lease.
Leasehold residencies in Bedford with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Bedford can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Bedford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the landlord of her purpose-built apartment in Bedford, Abigail initiated the lease extension process as the eighty year threshold was rapidly advancing. The legal work was finalised in January 2015. The freeholder’s charges were negotiated to less than 700 pounds.
Mr Y Norbert moved into a first floor flat in Bedford in August 2012. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable homes in Bedford with an extended lease were worth £245,000. The mid-range ground rent payable was £50 invoiced per annum. The lease finished in 2094. Having 68 years left we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.
Last Winter we were contacted by Dr R Laurent , who was assigned a lease of a one bedroom flat in Bedford in September 1996. The dilemma was if we could estimate the price would be to prolong the lease by ninety years. Identical flats in Bedford with a long lease were worth £285,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease expired in 2105. Taking into account 79 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.