Top reasons for Biddenham lease extension

Why you should commence your Biddenham lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Biddenham have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. Do think carefully before delaying your Biddenham lease extension. Postponing that expense now simply increases the price you will ultimately be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold premises in Biddenham with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not lend with a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to encounter difficulties if you need to sell your flat in Biddenham if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have varying requirements but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Biddenham lease extensions?

Retaining our service will provide you better control over the value of your Biddenham leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Biddenham Lease Extension Example Cases:

Tyler, Biddenham, Bedfordshire

In recent months Tyler, came precariously close to the eighty-year threshold with the lease on his purpose- built apartment in Biddenham. Having purchased his property two decades ago, the lease term was of minimal importance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Tyler was able to extend his lease at the eleventh hour last September. Tyler and the freeholder in the end agreed on the final figure of £5,500 . If he had missed the deadline, the sum would have increased by at least £1,150.

Biddenham case:

Mr and Mrs. D Ali moved into a studio apartment in Biddenham in February 2009. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative residencies in Biddenham with 100 year plus lease were valued around £270,000. The average ground rent payable was £55 billed quarterly. The lease elapsed in 2101. Given that there were 75 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.

Biddenham case:

Last Summer we were called by Mr Y Kelly , who was assigned a lease of a first floor apartment in Biddenham in January 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Biddenham with an extended lease were in the region of £173,800. The average ground rent payable was £60 invoiced monthly. The lease ran out in 2081. Considering the 55 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including fees.