Bardsley Lease Extension - Free Consultation

Before you progress with your lease extension in Bardsley
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Bardsley lease extension


Main reasons to start your Bardsley lease extension today:

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

With a domestic leasehold premises in Bardsley, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably when there are fewer than 80 years left. Residents in Bardsley with a lease drawing near to 81 years unexpired should seriously consider extending it without delay. Once the lease term has under 80 years outstanding, under the relevant Act the landlord can calculate and charge a greater premium, assessed on a technical calculation, known as “marriage value” which is due.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to homes in Bardsley with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting the amount of prospective purchasers.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Bardsley lease extensions?

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

Bardsley Lease Extension Example Cases:

Isabelle, Bardsley, Greater Manchester,

Following protracted correspondence with the freeholder of her leasehold flat in Bardsley, Isabelle initiated the lease extension process as the eighty year deadline was fast advancing. The lease extension completed in June 2009. The landlord’s costs were negotiated to about 600 pounds.

Bardsley case:

In 2009 we were called by Ms Tia Parker who, having moved into a recently refurbished apartment in Bardsley in July 1999. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparative properties in Bardsley with an extended lease were worth £285,000. The average amount of ground rent was £45 invoiced annually. The lease finished on 5 February 2096. Taking into account 72 years unexpired we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.

Bardsley case:

Last Autumn we were e-mailed by Mr and Mrs. R Kelly , who moved into a garden apartment in Bardsley in October 2002. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparable homes in Bardsley with a long lease were worth £233,200. The mid-range ground rent payable was £60 invoiced monthly. The lease terminated on 22 June 2085. Given that there were 61 years left we estimated the premium to the landlord to extend the lease to be between £22,800 and £26,400 not including expenses.