Why you should start your Badsey lease extension

Top reasons for lease extension now:

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

The market value of Badsey 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 escalate substantially once the unexpired lease term is below than eighty years

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same 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 decades to come.

Lenders may decide not to issue a mortgage with a short lease

Most banks and building societies will be unwilling to lend on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Badsey property being difficult to dispose of or refinance.

Why use us for your lease extension in Badsey?

Using our service gives you better control over the value of your Badsey leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Badsey Lease Extension Example Cases:

Hollie, Badsey, Worcestershire,

In the wake of 6 months of unsuccessful discussions with the freeholder of her one bedroom apartment in Badsey, Hollie started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was finalised in October 2008. The landlord’s charges were kept to an absolute minimum.

Badsey case:

Mrs A Patel completed a basement flat in Badsey in June 2007. We are asked if we could estimate the price could be for a 90 year extension to my lease. Comparative flats in Badsey with 100 year plus lease were valued around £300,000. The average ground rent payable was £50 invoiced annually. The lease concluded in 2102. Taking into account 76 years outstanding we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.

Badsey case:

In 2009 we were phoned by Mr R Mercier who, having took over the lease of a one bedroom apartment in Badsey in March 1999. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparable residencies in Badsey with 100 year plus lease were worth £257,800. The average ground rent payable was £65 invoiced yearly. The lease expired in 2091. Having 65 years unexpired we estimated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 plus costs.