Top reasons for Banwell lease extension

Main reasons to commence your Banwell lease extension today:

A Banwell leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Banwell you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Banwell with more than 100 years unexpired on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to loan monies on a short lease

Many mortgage lenders require a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they can't get a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Banwell lease extensions?

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

Banwell Lease Extension Case Studies:

Harry, Banwell, North Somerset,

Harry was the the leasehold proprietor of a 2 bedroom flat in Banwell being sold with a lease of a few days over 59 years outstanding. Harry informally approached his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Harry to invoke his statutory right. Harry obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Banwell case:

In 2012 we were called by Mr Matthew Turner who, having acquired a purpose-built flat in Banwell in May 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparable homes in Banwell with a long lease were valued around £280,000. The average ground rent payable was £55 billed per annum. The lease termination date was in 2103. Considering the 77 years as a residual term we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.

Banwell case:

Mr and Mrs. V Ramírez completed a ground floor flat in Banwell in March 2012. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Identical premises in Banwell with a long lease were valued about £183,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease expired on 16 January 2083. Considering the 57 years left we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of fees.