Why you should commence your Bishopston lease extension

Main reasons to commence your Bishopston lease extension today:

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

The market value of Bishopston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Bishopston with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

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

Almost all mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so in the event that they are not able to secure a mortgage, then the value of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Bishopston?

Lease extensions in Bishopston can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Bishopston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bishopston Lease Extension Example Cases:

Hugo, Bishopston, Bristol,

Hugo owned a conversion flat in Bishopston on the market with a lease of a little over 61 years left. Hugo on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Hugo to invoke his statutory right. Hugo obtained expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Bishopston case:

Ms G Sánchez was assigned a lease of a one bedroom flat in Bishopston in August 1999. The question was if we could estimate the premium could be for a 90 year lease extension. Identical homes in Bishopston with an extended lease were valued about £254,200. The mid-range amount of ground rent was £60 collected annually. The lease came to a finish on 19 October 2077. Considering the 51 years unexpired we estimated the premium to the landlord to extend the lease to be within £43,700 and £50,600 plus expenses.

Bishopston case:

Mr and Mrs. K Rose was assigned a lease of a first floor apartment in Bishopston in May 1995. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Comparable premises in Bishopston with a long lease were valued about £210,600. The mid-range ground rent payable was £45 invoiced annually. The lease ended in 2088. Given that there were 62 years remaining we estimated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 not including costs.