Main reasons to start your Badsey lease extension

Why you should commence your Badsey lease extension today:

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

Badsey residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

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

It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This may cause difficulties once you need to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your buyer will need to hold off for two years before they can exercise the right to a a lease extension.

What makes us experts in Badsey lease extensions?

Lease extensions in Badsey can be a difficult process. We recommend you secure professional help from a lawyer 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 dealing with Badsey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Badsey Lease Extension Example Cases:

Riley, Badsey, Worcestershire

Half a year ago Riley, came precariously near to the 80-year mark with the lease on his leasehold flat in Badsey. Having purchased his property two decades ago, the lease term was of little importance. Fortunately, he realised he would imminently be paying way over the odds for Extending the lease. Riley extended the lease at the eleventh hour last July. Riley and the freeholder ultimately settled on an amount of £5,000 . If he had missed the deadline, the premium would have increased by at least £1,000.

Badsey case:

Last Winter we were phoned by Mr and Mrs. L Jackson , who acquired a garden apartment in Badsey in October 2011. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Identical premises in Badsey with an extended lease were valued about £250,400. The average ground rent payable was £65 invoiced per annum. The lease terminated in 2090. Having 64 years outstanding we estimated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus legals.

Badsey case:

Last Spring we were phoned by Mr Blake James , who completed a purpose-built flat in Badsey in August 2001. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Comparable homes in Badsey with 100 year plus lease were valued about £184,000. The mid-range amount of ground rent was £55 billed annually. The lease elapsed in 2079. Taking into account 53 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of legals.