Main reasons to commence your Bardsley lease extension

Main reasons to start your Bardsley lease extension today:

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

On the balance of probabilities where you own a flat in Bardsley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Bardsley with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not finance a property on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you want to sell your flat in Bardsley if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Bardsley lease extensions?

Engaging our service will provide you better control over the value of your Bardsley leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish 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.

Bardsley Lease Extension Example Cases:

Alexander, Bardsley, Greater Manchester

Last Autumn Alexander, came very close to the 80-year mark with the lease on his ground floor flat in Bardsley. Having purchased his property two decades ago, the unexpired term was of little concern. Fortunately, he recognised he needed to take steps soon on Extending the lease. Alexander arranged for a lease extension at the eleventh hour in March. Alexander and the freeholder via the management company in the end settled on the final figure of £5,500 . If the lease had slid below 80 years, the figure would have escalated by at least £900.

Bardsley case:

Last Summer we were called by Mr and Mrs. N Mercier , who owned a studio apartment in Bardsley in May 2005. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparative premises in Bardsley with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 collected monthly. The lease terminated on 12 February 2101. Having 75 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including legals.

Bardsley case:

In 2011 we were phoned by Mrs U Anderson who, having owned a garden flat in Bardsley in October 2006. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Identical premises in Bardsley with an extended lease were valued about £250,400. The average amount of ground rent was £65 billed annually. The lease finished in 2090. Having 64 years outstanding we calculated the premium to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of expenses.