Why you should start your Bingham lease extension

Why you should commence your Bingham lease extension today:

Increase your lease and increase your Bingham property value

The only way is down when it comes to Bingham lease terms. Bingham flats that have a lease term less than than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will increase.

Bingham property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

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

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years left at the end of the mortgage. Considering a number of flats in Bingham were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Bingham?

Using our service gives you enhanced control over the value of your Bingham leasehold, as your property will be more valuable and saleable in respect of 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.

Bingham Lease Extension Case Studies:

Reuben, Bingham, Nottinghamshire,

Reuben owned a 2 bedroom flat in Bingham being sold with a lease of just over sixty years remaining. Reuben on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Reuben to exercise his statutory right. Reuben obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Bingham case:

Last month we were e-mailed by Mr and Mrs. F Clarke , who completed a first floor flat in Bingham in April 1995. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Identical premises in Bingham with 100 year plus lease were worth £267,600. The average ground rent payable was £65 invoiced monthly. The lease end date was in 2093. Taking into account 67 years outstanding we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of legals.

Bingham case:

In 2014 we were called by Mrs Gemma Flores who, having completed a ground floor flat in Bingham in May 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Comparative properties in Bingham with an extended lease were worth £208,600. The average ground rent payable was £60 invoiced monthly. The lease end date was in 2083. Given that there were 57 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus expenses.