Why you should start your Bishopsworth lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Bishopsworth. Clearly, the length of lease remaining reduces over time. This is often overlooked and only becomes a problem when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Bishopsworth have the right to extend the lease for a further 90 years in accordance with statute. You should give careful deliberation before putting off your Bishopsworth lease extension. Putting off the cost now simply increases the price you will eventually incur to extend your lease

Bishopsworth property with a lease extension has roughly the same value as a freehold

Leasehold premises in Bishopsworth with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not finance a property with a short lease

Many mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be conscious that it is probable that someone intending to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the financial worth of your property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Bishopsworth?

Lease extensions in Bishopsworth can be a difficult process. We recommend you procure professional help from a lawyer 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 a wealth of experience dealing with Bishopsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bishopsworth Lease Extension Case Studies:

Jodie, Bishopsworth, Bristol,

Subsequent to unsuccessful correspondence with the freeholder of her basement apartment in Bishopsworth, Jodie commenced the lease extension process just as the lease was nearing the all-important 80-year deadline. The transaction was concluded in April 2011. The landlord’s costs were restricted to under 550 pounds.

Bishopsworth case:

Last year we were called by Mr and Mrs. A Allen , who completed a purpose-built apartment in Bishopsworth in March 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Identical residencies in Bishopsworth with a long lease were in the region of £250,000. The average amount of ground rent was £50 invoiced annually. The lease terminated in 2095. Given that there were 69 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.

Bishopsworth case:

Mr V White was assigned a lease of a studio flat in Bishopsworth in March 2004. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Identical premises in Bishopsworth with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease lapsed in 2106. Having 80 years remaining we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.