Top reasons for Totterdown lease extension

Why you should start your Totterdown lease extension today:

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

For those whose Totterdown flat is held on a long lease, our message is clear – if nothing is done, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold properties in Totterdown with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not loan monies on a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Considering plenty of flats in Totterdown were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

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

Lease extensions in Totterdown can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Totterdown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Totterdown Lease Extension Example Cases:

Dexter, Totterdown, Bristol

Last Autumn Dexter, started to get near to the eighty-year mark with the lease on his leasehold flat in Totterdown. Having purchased his flat two decades ago, the length of the lease was of little interest. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Dexter extended the lease just ahead of time in April. Dexter and the freeholder via the management company subsequently settled on the final figure of £6,000 . If the lease had slid to less than eighty years, the sum would have become more exhorbitant by a minimum £1,050.

Totterdown case:

In 2011 we were e-mailed by Dr Jack Sharif who, having moved into a garden apartment in Totterdown in July 2004. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparable properties in Totterdown with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 invoiced per annum. The lease finished on 5 July 2079. Having 53 years left we estimated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of legals.

Totterdown case:

In 2010 we were contacted by Ms Lauren Moore who, having purchased a one bedroom apartment in Totterdown in November 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Totterdown with 100 year plus lease were valued around £225,400. The mid-range amount of ground rent was £45 invoiced monthly. The lease concluded in 2090. Considering the 64 years unexpired we approximated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 plus costs.