Top reasons for Bawtry lease extension

Why you should commence your Bawtry lease extension today:

Increase your lease and increase your Bawtry property value

Bawtry leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Bawtry enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Bawtry you must see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in Bawtry with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not lend with a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold property. Many will simply not lend at all once the remaining lease term slips below a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Bawtry home.

What makes us experts in Bawtry lease extensions?

Using our service gives you increased control over the value of your Bawtry leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bawtry Lease Extension Example Cases:

Kyle, Bawtry, South Yorkshire,

Kyle owned a studio apartment in Bawtry being sold with a lease of a little over fifty eight years remaining. Kyle on an informal basis contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Kyle to exercise his statutory right. Kyle obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the property.

Bawtry case:

In 2009 we were called by Dr Ethan Lefèvre who, having moved into a one bedroom apartment in Bawtry in June 1996. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Identical residencies in Bawtry with an extended lease were in the region of £191,400. The average amount of ground rent was £55 billed monthly. The lease ran out on 22 February 2080. Taking into account 54 years outstanding we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 not including professional charges.

Bawtry case:

Last year we were called by Dr Bethan Gómez , who owned a ground floor apartment in Bawtry in September 2000. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical flats in Bawtry with a long lease were in the region of £295,000. The average ground rent payable was £45 invoiced quarterly. The lease terminated in 2100. Given that there were 74 years unexpired we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of expenses.