Top reasons for Bagshot lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bagshot property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bagshot can extend the lease for a further ninety years under statute. Do think carefully before delaying your Bagshot lease extension. Postponing the costs now simply increases the price you will ultimately be required to pay to extend the lease.

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

Leasehold properties in Bagshot with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to lend with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Bagshot property being difficult to sell or to obtain finance on.

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

Engaging our service gives you better control over the value of your Bagshot leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish 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.

Bagshot Lease Extension Case Summaries:

Jacob, Bagshot, Surrey,

Jacob owned a conversion apartment in Bagshot on the market with a lease of a little over 72 years unexpired. Jacob informally spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jacob to exercise his statutory right. Jacob obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Bagshot case:

Last year we were called by Mrs W Dupont , who was assigned a lease of a first floor apartment in Bagshot in March 2012. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical properties in Bagshot with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £55 billed per annum. The lease expired on 7 January 2103. Having 77 years left we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.

Bagshot case:

Last Autumn we were e-mailed by Mr B Clarke , who moved into a recently refurbished apartment in Bagshot in August 2012. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative premises in Bagshot with an extended lease were in the region of £183,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease came to a finish on 13 October 2083. Taking into account 57 years as a residual term we approximated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of fees.