Main reasons to commence your Bedlington lease extension

Why you should commence your Bedlington lease extension today:

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

Bedlington 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 your lease gets more expensive. The majority of owners of residential leasehold property in Bedlington enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Bedlington you must see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Bedlington flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is put in place without delay

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

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

What makes us experts in Bedlington lease extensions?

The conveyancers that we work with handle Bedlington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Bedlington Lease Extension Case Summaries:

Andrew, Bedlington, Northumberland,

Andrew was the the leasehold proprietor of a high value apartment in Bedlington being marketed with a lease of just over 59 years left. Andrew on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Andrew to exercise his statutory right. Andrew obtained expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Bedlington case:

Last May we were called by Dr C Peterson , who acquired a garden flat in Bedlington in August 2003. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Bedlington with a long lease were in the region of £250,000. The average amount of ground rent was £50 invoiced quarterly. The lease ran out on 26 May 2095. Having 69 years left we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.

Bedlington case:

Last January we were contacted by Mr and Mrs. F Mercier , who completed a purpose-built apartment in Bedlington in March 2010. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Comparative residencies in Bedlington with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 collected annually. The lease expiry date was in 2106. Having 80 years left we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.