Main reasons to start your Bishopsworth lease extension

Why you should start your Bishopsworth lease extension today:

Increase your lease and increase your Bishopsworth property value

The market value of Bishopsworth 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 substantially once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in Bishopsworth?

The conveyancing solicitors that we work with procure Bishopsworth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Bishopsworth Lease Extension Example Cases:

Ellen, Bishopsworth, Bristol,

Subsequent to unsuccessful correspondence with the landlord of her leasehold flat in Bishopsworth, Ellen initiated the lease extension process just as her lease was approaching the critical 80-year mark. The transaction completed in August 2015. The landlord’s charges were negotiated to about 550 GBP.

Bishopsworth case:

In 2012 we were approached by Ms S Cox who, having completed a garden apartment in Bishopsworth in July 2003. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Bishopsworth with a long lease were worth £275,000. The average ground rent payable was £55 invoiced quarterly. The lease ran out in 2103. Taking into account 77 years unexpired we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.

Bishopsworth case:

In 2013 we were phoned by Mr and Mrs. D Harris who, having acquired a first floor apartment in Bishopsworth in September 1996. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Similar residencies in Bishopsworth with a long lease were worth £183,600. The average amount of ground rent was £65 billed annually. The lease came to a finish in 2083. Given that there were 57 years outstanding we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus fees.