Main reasons to start your Bishops Castle lease extension

Main reasons to commence your Bishops Castle lease extension today:

Increase your lease and increase your Bishops Castle property value

Chances are that if you own a flat in Bishops Castle you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not issue a mortgage on a short lease

The trend since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Bishops Castle?

Lease extensions in Bishops Castle can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 Bishops Castle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bishops Castle Lease Extension Case Studies:

Stanley, Bishops Castle, Shropshire,

Stanley owned a high value apartment in Bishops Castle on the market with a lease of a little over fifty eight years outstanding. Stanley informally approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Stanley to invoke his statutory right. Stanley procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Bishops Castle case:

In 2010 we were called by Dr M Edwards who, having bought a ground floor apartment in Bishops Castle in April 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparable premises in Bishops Castle with a long lease were in the region of £200,000. The average amount of ground rent was £50 collected yearly. The lease ended in 2103. Given that there were 77 years left we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.

Bishops Castle case:

Last Christmas we were contacted by Dr I François , who moved into a ground floor apartment in Bishops Castle in March 1995. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Identical flats in Bishops Castle with 100 year plus lease were valued around £265,200. The mid-range amount of ground rent was £65 collected per annum. The lease elapsed in 2092. Having 66 years left we estimated the premium to the landlord to extend the lease to be within £15,200 and £17,600 plus expenses.