Stop! Your Lease Extension in Biddenham Could Be FREE

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Many leaseholders in Biddenham are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Biddenham has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Biddenham lease extension

Top reasons for lease extension now:

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

Biddenham 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 gets more expensive. Legislation has been in place for sometime now which permits qualifying Biddenham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Biddenham you must check if your lease has between 70 and 90 years left. There are good reasons why a Biddenham leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Biddenham with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies with a short lease

The trend since 2008 has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past lenders would lend on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Accord Mortgages 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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Biddenham lease extensions?

Irrespective of whether you are a tenant or a landlord in Biddenham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Biddenham valuers.

Biddenham Lease Extension Example Cases:

Alex, Biddenham, Bedfordshire

Two years ago Alex, came dangerously close to the eighty-year mark with the lease on his basement apartment in Biddenham. Having purchased his home 18 years ago, the unexpired term was of no bearing. by good luck, it dawned on him that he needed to take action soon on a lease extension. Alex was able to extend his lease just in the nick of time in August. Alex and the freeholder ultimately settled on the final figure of £5,000 . If the lease had descended below 80 years, the price would have become more costly by a minimum £925.

Biddenham case:

Last Summer we were phoned by Mr Joshua Rose , who took over the lease of a purpose-built flat in Biddenham in May 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar residencies in Biddenham with a long lease were valued about £218,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease terminated in 2089. Considering the 63 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 not including professional charges.

Biddenham case:

In 2012 we were called by Dr A Collins who, having bought a first floor apartment in Biddenham in March 1997. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Similar residencies in Biddenham with 100 year plus lease were in the region of £265,000. The average ground rent payable was £55 billed annually. The lease came to a finish on 8 January 2100. Considering the 74 years as a residual term we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.