Main reasons to start your Baildon lease extension

Main reasons to start your Baildon lease extension today:

Increase your lease and increase your Baildon property value

The value of Baildon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is below than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be insufficient for lending purposes.

What makes us experts in Baildon lease extensions?

Irrespective of whether you are a tenant or a landlord in Baildon,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Baildon valuers.

Baildon Lease Extension Example Cases:

Sian, Baildon, West Yorkshire,

Off the back of unsuccessful discussions with the landlord of her two bedroom flat in Baildon, Sian started the lease extension process as the eighty year mark was swiftly advancing. The legal work completed in October 2014. The landlord’s fees were kept to an absolute minimum.

Baildon case:

In 2011 we were approached by Ms Maisie Morel who, having acquired a basement apartment in Baildon in September 2008. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative flats in Baildon with an extended lease were in the region of £168,800. The mid-range ground rent payable was £60 billed monthly. The lease expired on 20 January 2081. Having 55 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including professional charges.

Baildon case:

In 2010 we were called by Dr Ellen López who, having bought a garden flat in Baildon in November 2012. The dilemma was if we could estimate the premium could be to prolong the lease by 90 years. Comparative flats in Baildon with a long lease were valued about £235,200. The mid-range amount of ground rent was £45 invoiced per annum. The lease lapsed in 2092. Given that there were 66 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.