Why you should start your Biddenham lease extension

Main reasons to commence your Biddenham lease extension today:

Increase your lease and increase your Biddenham property value

Biddenham residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

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

Leasehold residencies in Biddenham with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to grant a mortgage with a short lease

Lending institutions have set criteria when loaning monies secured on leasehold homes. Some will simply refrain from lending at all once the remaining lease term goes under a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below seventy years suitable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Biddenham property.

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 marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Biddenham Lease Extension Case Studies:

Megan, Biddenham, Bedfordshire,

In the wake of eight months of unsuccessful negotiations with the landlord of her leasehold flat in Biddenham, Megan started the lease extension process as the eighty year mark was quickly approaching. The lease extension completed in April 2005. The landlord’s fees were kept to an absolute minimum.

Biddenham case:

Last Summer we were phoned by Mr and Mrs. F Ward , who purchased a studio apartment in Biddenham in July 1997. The dilemma was if we could estimate the premium would be to extend the lease by ninety years. Comparable flats in Biddenham with a long lease were worth £255,000. The average amount of ground rent was £50 collected every twelve months. The lease came to a finish in 2097. Given that there were 71 years remaining we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.

Biddenham case:

In 2014 we were contacted by Mrs M Nguyen who, having moved into a one bedroom apartment in Biddenham in November 2008. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparative premises in Biddenham with an extended lease were worth £254,200. The mid-range amount of ground rent was £60 invoiced annually. The lease ran out on 2 February 2077. Given that there were 51 years left we approximated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 plus professional charges.