Main reasons to commence your Bedford lease extension

Why you should start your Bedford lease extension today:

Increase your lease and increase your Bedford property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Bedford. Clearly, 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 disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying leaseholders in Bedford have the right to extend the lease for an additional ninety years in accordance with statute. You should give careful deliberation before delaying your Bedford lease extension. Putting off that expense now simply increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to finance a property on a short lease

Banks and building societies do not lend on short residential leases. You are likely to experience difficulties where you want to sell your flat in Bedford if the remaining lease term is less than the criteria set by the majority of banks and building societies. Different lenders have varying criteria but generally they are looking for an unexpired term of at least seventy years.

What makes us experts in Bedford lease extensions?

Lease extensions in Bedford can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor 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.

Bedford Lease Extension Case Studies:

David, Bedford, Bedfordshire

In recent months David, came perilously near to the 80-year threshold with the lease on his one bedroom apartment in Bedford. Having bought his home 19 years ago, the lease term was of no concern. As luck would have it, he recognised he needed to take action soon on Extending the lease. David was able to extend his lease just under the wire in September. David and the freeholder ultimately settled on sum of £6,000 . If the lease had slipped to less than 80 years, the figure would have gone up by at least £950.

Bedford case:

Mr Thomas Baker purchased a purpose-built flat in Bedford in June 2009. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable residencies in Bedford with an extended lease were valued about £176,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease concluded on 15 February 2082. Taking into account 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of expenses.

Bedford case:

In 2012 we were called by Mr Riley López who, having moved into a basement flat in Bedford in May 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Similar premises in Bedford with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 invoiced quarterly. The lease concluded in 2093. Considering the 67 years unexpired we calculated the premium to the landlord for the lease extension to be within £11,400 and £13,200 exclusive of expenses.