Top reasons for Bedminster lease extension

Why you should start your Bedminster lease extension today:

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

Bedminster leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Bedminster residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Bedminster you really ought to check if your lease has between 70 and 90 years left. There are good reasons why a Bedminster flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Bedminster with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not loan monies on a short lease

Almost all mortgage companies will be unwilling to lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Bedminster property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Bedminster?

Lease extensions in Bedminster can be a difficult process. We recommend you get guidance 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 procuring Bedminster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bedminster Lease Extension Example Cases:

Henry, Bedminster, Bristol,

Henry owned a conversion apartment in Bedminster being sold with a lease of a little over 72 years outstanding. Henry informally approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Henry to exercise his statutory right. Henry procured expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.

Bedminster case:

Last Summer we were called by Ms O Girard , who acquired a one bedroom apartment in Bedminster in April 1999. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar properties in Bedminster with a long lease were valued around £280,000. The mid-range amount of ground rent was £45 collected yearly. The lease concluded in 2095. Having 69 years unexpired we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.

Bedminster case:

Mr V Stewart moved into a basement flat in Bedminster in August 1995. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative homes in Bedminster with an extended lease were valued about £216,000. The mid-range ground rent payable was £60 invoiced quarterly. The lease terminated in 2084. Given that there were 58 years as a residual term we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including expenses.