Top reasons for Shirehampton lease extension

Main reasons to start your Shirehampton lease extension today:

A Shirehampton lease depreciates with the years remaining on the lease.

For anyone whose Shirehampton home is held on a long lease, our message is clear – if you do nothing, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be deficient for lending purposes.

What makes us experts in Shirehampton lease extensions?

Lease extensions in Shirehampton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 procuring Shirehampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Shirehampton Lease Extension Example Cases:

Edward, Shirehampton, Bristol,

Edward owned a studio flat in Shirehampton on the market with a lease of just over 59 years left. Edward informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Edward to invoke his statutory right. Edward obtained expert advice and was able to make an informed decision and handle with the matter and sell the property.

Shirehampton case:

Mr and Mrs. V Rodríguez owned a ground floor flat in Shirehampton in August 2004. The question was if we could estimate the premium would be to extend the lease by 90 years. Comparative properties in Shirehampton with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced per annum. The lease expired in 2099. Having 73 years remaining we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Shirehampton case:

Dr Sebastian Thompson was assigned a lease of a one bedroom flat in Shirehampton in January 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparable residencies in Shirehampton with an extended lease were valued around £264,000. The mid-range ground rent payable was £60 billed yearly. The lease ran out in 2079. Taking into account 53 years outstanding we estimated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 not including expenses.