Top reasons for Bishopston lease extension

Main reasons to commence your Bishopston lease extension today:

Increase your lease and increase your Bishopston property value

For those whose Bishopston property is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders will not lend with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be inadequate for lending purposes.

Get in touch with one of our Bishopston lease extension solicitors or enfranchisement solicitors

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

Bishopston Lease Extension Example Cases:

Hunter, Bishopston, Bristol,

Hunter was the the leasehold proprietor of a high value flat in Bishopston being marketed with a lease of a few days over 59 years unexpired. Hunter informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Hunter to exercise his statutory right. Hunter procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Bishopston case:

Dr Zachary Girard purchased a first floor flat in Bishopston in June 2007. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Identical properties in Bishopston with an extended lease were valued around £210,600. The mid-range amount of ground rent was £45 invoiced annually. The lease finished on 14 September 2088. Taking into account 62 years left we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 plus fees.

Bishopston case:

Last October we were e-mailed by Dr Francesca Mason , who completed a first floor flat in Bishopston in March 2005. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar flats in Bishopston with 100 year plus lease were valued about £260,000. The mid-range ground rent payable was £50 invoiced monthly. The lease lapsed on 8 March 2099. Having 73 years outstanding we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.