Top reasons for Totterdown lease extension

Main reasons to commence your Totterdown lease extension today:

Increase your lease and increase your Totterdown property value

Totterdown leases on residential deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease falls below eighty years - otherwise a higher amount will be payable. Leasehold owners in Totterdown will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s wise to be guided by a lawyer during the process.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold property before they will consider lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so where they can't secure a mortgage, then the financial worth of your property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Totterdown?

The conveyancing solicitors that we work with procure Totterdown 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 lawyer we work with provide it.

Totterdown Lease Extension Case Studies:

Charlotte, Totterdown, Bristol,

Off the back of lengthy correspondence with the landlord of her two bedroom flat in Totterdown, Charlotte started the lease extension process as the 80 year threshold was fast approaching. The lease extension completed in May 2014. The landlord’s costs were kept to an absolute minimum.

Totterdown case:

Mrs M Thomas purchased a purpose-built apartment in Totterdown in May 2011. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in Totterdown with an extended lease were valued about £227,800. The average amount of ground rent was £45 invoiced per annum. The lease expired on 3 May 2091. Considering the 65 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.

Totterdown case:

Dr Tia Reed completed a one bedroom flat in Totterdown in November 1998. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative residencies in Totterdown with an extended lease were worth £275,000. The average ground rent payable was £55 collected yearly. The lease terminated in 2102. Taking into account 76 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.