Main reasons to commence your Bidford On Avon lease extension

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

Increase your lease and increase your Bidford On Avon property value

The only way is down when it comes to Bidford On Avon lease terms. Bidford On Avon leaseholds that have a remaining term shorter than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will go up.

Bidford On Avon property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

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

Most high street banks are making their criteria more stringent and many now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering plenty of flats in Bidford On Avon were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Bidford On Avon?

Lease extensions in Bidford On Avon can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.

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 in-depth market knowledge procuring Bidford On Avon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bidford On Avon Lease Extension Case Summaries:

Ben, Bidford On Avon, Warwickshire

In recent months Ben, started to get near to the eighty-year threshold with the lease on his leasehold flat in Bidford On Avon. In buying his flat two decades ago, the length of the lease was of no bearing. Thankfully, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Ben extended the lease just ahead of time in August. Ben and the freeholder ultimately settled on sum of £5,000 . If he had missed the deadline, the amount would have increased by at least £925.

Bidford On Avon case:

In 2012 we were phoned by Mr and Mrs. R Torres who, having acquired a studio apartment in Bidford On Avon in April 2009. The question was if we could estimate the price would be for a 90 year lease extension. Identical properties in Bidford On Avon with an extended lease were in the region of £270,000. The average ground rent payable was £55 collected monthly. The lease ended in 2101. Given that there were 75 years left we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.

Bidford On Avon case:

Last month we were approach by Dr Matthew Bernard , who acquired a one bedroom apartment in Bidford On Avon in July 2008. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Identical homes in Bidford On Avon with an extended lease were in the region of £173,800. The average amount of ground rent was £60 invoiced every twelve months. The lease finished in 2081. Given that there were 55 years left we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus fees.