Biddenham Lease Extension - Free Consultation

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Main reasons to start your Biddenham lease extension


Top reasons for lease extension now:

Increase your lease and increase your Biddenham property value

The market value of Biddenham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Biddenham with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to lend with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties once you need to sell or refinance your flat as it will be effectively unmortgageable. Even though you might have no imminent desire to sell but when you do your buyer will have to wait two years before they can exercise the right to a an extension to the lease.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Yorkshire Building Society 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.

Why use us for your lease extension in Biddenham?

Engaging our service gives you enhanced control over the value of your Biddenham 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 wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Biddenham Lease Extension Case Summaries:

Jason, Biddenham, Bedfordshire,

Jason owned a 2 bedroom flat in Biddenham on the market with a lease of a little over fifty eight years outstanding. Jason informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Jason to exercise his statutory right. Jason procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Biddenham case:

Dr K Mason completed a first floor flat in Biddenham in September 2001. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Comparative homes in Biddenham with 100 year plus lease were valued around £245,000. The mid-range ground rent payable was £45 billed yearly. The lease terminated on 21 January 2090. Given that there were 68 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Biddenham case:

Mr and Mrs. R King acquired a purpose-built flat in Biddenham in September 2011. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Biddenham with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 collected yearly. The lease ended on 1 April 2101. Given that there were 79 years outstanding we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.