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 expense of extending the lease can increase significantly once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Bishopston with over one hundred years remaining 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not loan monies on a short lease

Banks and Building Societies have specific criteria when loaning monies charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term slips below a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Bishopston property.

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

Lease extensions in Bishopston can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.

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 in-depth market knowledge 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 Case Summaries:

William, Bishopston, Bristol,

William owned a studio apartment in Bishopston on the market with a lease of a little over 72 years outstanding. William informally contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were William to invoke his statutory right. William procured expert advice and was able to make an informed decision and deal with the matter and sell the flat.

Bishopston case:

Last April we were phoned by Mr and Mrs. W Campbell , who took over the lease of a recently refurbished apartment in Bishopston in March 2011. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative properties in Bishopston with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed monthly. The lease elapsed in 2104. Considering the 78 years remaining we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of costs.

Bishopston case:

Mr I Lewis acquired a recently refurbished flat in Bishopston in August 2008. The question was if we could approximate the price would be to prolong the lease by ninety years. Comparable homes in Bishopston with a long lease were in the region of £186,000. The average amount of ground rent was £65 billed yearly. The lease ran out in 2084. Given that there were 58 years left we calculated the premium to the landlord to extend the lease to be within £24,700 and £28,600 plus legals.