Main reasons to start your Bidford On Avon lease extension

Main reasons to start your Bidford On Avon lease extension today:

A Bidford On Avon leasehold property depreciates with the years remaining on the lease.

The market value of Bidford On Avon 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 substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not finance a property with a short lease

Lenders are making their criteria more stringent and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. Given that plenty of flats in Bidford On Avon were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Bidford On Avon lease extensions?

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

Bidford On Avon Lease Extension Example Cases:

Kate, Bidford On Avon, Warwickshire,

Subsequent to protracted correspondence with the freeholder of her first floor flat in Bidford On Avon, Kate started the lease extension process as the eighty year threshold was quickly nearing. The transaction was concluded in August 2005. The landlord’s fees were restricted to below 550 pounds.

Bidford On Avon case:

Mr and Mrs. K Collins took over the lease of a recently refurbished apartment in Bidford On Avon in October 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Comparable homes in Bidford On Avon with 100 year plus lease were valued about £218,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease finished on 4 September 2089. Taking into account 63 years remaining we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including fees.

Bidford On Avon case:

Last Spring we were e-mailed by Mr and Mrs. T Leroy , who completed a garden flat in Bidford On Avon in January 2010. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparative residencies in Bidford On Avon with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 billed monthly. The lease ended in 2100. Having 74 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.