Main reasons to start your Bedlington lease extension

Main reasons to commence your Bedlington lease extension today:

A Bedlington leasehold property depreciates with the years remaining on the lease.

Bedlington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Bedlington enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Bedlington you would be well advised to see if your lease has between seventy and ninety years left. There are good reasons why a Bedlington leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

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

It is generally considered that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will be problematic when you come to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer will need to hold off for 2 years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Bedlington?

Retaining our service gives you increased control over the value of your Bedlington leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bedlington Lease Extension Example Cases:

Nathan, Bedlington, Northumberland,

Nathan owned a conversion apartment in Bedlington on the market with a lease of just over 61 years left. Nathan on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Nathan to invoke his statutory right. Nathan procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Bedlington case:

In 2013 we were contacted by Mr and Mrs. L Lefèvre who, having owned a newly refurbished flat in Bedlington in April 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Identical flats in Bedlington with a long lease were valued around £183,600. The average amount of ground rent was £65 invoiced yearly. The lease expired on 14 June 2083. Considering the 57 years outstanding we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of professional charges.

Bedlington case:

In 2013 we were contacted by Mr and Mrs. O Baker who, having was assigned a lease of a basement apartment in Bedlington in July 2012. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Bedlington with an extended lease were worth £245,000. The mid-range ground rent payable was £45 billed per annum. The lease came to a finish on 12 May 2094. Given that there were 68 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.