Main reasons to start your Bishopsworth lease extension

Main reasons to start your Bishopsworth lease extension today:

Increase your lease and increase your Bishopsworth property value

Bishopsworth leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be payable. Flat owners in Bishopsworth will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property with a short lease

Many banks and building societies will not lend on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Bishopsworth property being difficult to sell or refinance.

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

Regardless of whether you are a tenant or a landlord in Bishopsworth,the lease extension solicitors that we work with will always be happy 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 Example Cases:

Daniel, Bishopsworth, Bristol,

Daniel owned a studio flat in Bishopsworth being marketed with a lease of a little over 72 years remaining. Daniel on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Daniel to invoke his statutory right. Daniel obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Bishopsworth case:

Mr and Mrs. Y Smith took over the lease of a recently refurbished apartment in Bishopsworth in July 2003. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar premises in Bishopsworth with an extended lease were worth £246,800. The average ground rent payable was £60 invoiced every twelve months. The lease terminated on 24 September 2076. Considering the 50 years outstanding we calculated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 exclusive of legals.

Bishopsworth case:

Last Christmas we were approach by Mr Stanley Moreau , who took over the lease of a purpose-built flat in Bishopsworth in January 2001. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Similar homes in Bishopsworth with an extended lease were in the region of £203,200. The average ground rent payable was £65 collected monthly. The lease terminated on 14 April 2087. Considering the 61 years left we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 not including professional charges.