Why you should commence your Bishopston lease extension

Main reasons to commence your Bishopston lease extension today:

Increase your lease and increase your Bishopston property value

The re-sale value of a leasehold property in Bishopston depends on how many years the lease has left to run. If it is close to or fewer than eighty years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is ideal to start the process of extending the lease is when a lease still has 82 years remaining so that a lease extension can be finalised ahead of the eighty year cut off point. Statute enables Bishopston qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold residencies in Bishopston with over one hundred years left 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider lending on it. Even if you don't need a mortgage, you should keep in mind that it is probable that someone intending to acquire your property in the future might well do, so where they can't obtain a mortgage, then the market price of the property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Bishopston lease extensions?

Lease extensions in Bishopston can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 dealing with 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:

Sophia, Bishopston, Bristol,

After protracted discussions with the landlord of her purpose-built flat in Bishopston, Sophia started the lease extension process as the 80 year mark was swiftly coming. The lease extension was finalised in July 2013. The freeholder’s fees were negotiated to less than 600 pounds.

Bishopston case:

Mr and Mrs. K Stewart was assigned a lease of a ground floor flat in Bishopston in June 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Comparative premises in Bishopston with an extended lease were worth £265,000. The mid-range ground rent payable was £50 collected annually. The lease lapsed in 2100. Having 74 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.

Bishopston case:

Last month we were approach by Mr R Lefèvre , who completed a recently refurbished flat in Bishopston in May 2003. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable flats in Bishopston with an extended lease were worth £166,400. The mid-range ground rent payable was £60 collected monthly. The lease ran out on 25 October 2080. Given that there were 54 years left we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of expenses.