Main reasons to start your Bishopsworth lease extension

Why you should commence your Bishopsworth lease extension today:

A Bishopsworth leasehold property depreciates with the years remaining on the lease.

Bishopsworth residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Bishopsworth property being difficult to dispose of or remortgage.

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

Regardless of whether you are a tenant or a freeholder in Bishopsworth,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bishopsworth valuers.

Bishopsworth Lease Extension Case Summaries:

Ben, Bishopsworth, Bristol,

Ben was the the leasehold proprietor of a studio apartment in Bishopsworth being marketed with a lease of a little over fifty eight years outstanding. Ben on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Ben to exercise his statutory right. Ben procured expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.

Bishopsworth case:

Mr and Mrs. N Torres took over the lease of a purpose-built flat in Bishopsworth in February 1996. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Similar flats in Bishopsworth with an extended lease were in the region of £166,400. The mid-range amount of ground rent was £60 billed annually. The lease expired in 2080. Taking into account 54 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of expenses.

Bishopsworth case:

In 2012 we were approached by Mr and Mrs. S Laurent who, having completed a recently refurbished apartment in Bishopsworth in February 2007. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Identical properties in Bishopsworth with 100 year plus lease were in the region of £227,800. The average amount of ground rent was £45 billed every twelve months. The lease concluded on 15 May 2091. Taking into account 65 years outstanding we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of fees.