Why you should start your Bishops Castle lease extension

Why you should 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

Bishops Castle property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Bishops Castle lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Bishops Castle,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bishops Castle valuers.

Bishops Castle Lease Extension Case Studies:

Imogen, Bishops Castle, Shropshire,

Off the back of unsuccessful correspondence with the freeholder of her studio apartment in Bishops Castle, Imogen commenced the lease extension process just as her lease was nearing the critical eighty-year mark. The lease extension was finalised in June 2008. The freeholder’s charges were restricted to below 550 GBP.

Bishops Castle case:

Last Summer we were approach by Dr E Morel , who acquired a purpose-built flat in Bishops Castle in September 1998. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparative properties in Bishops Castle with an extended lease were valued about £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease finished in 2091. Having 65 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 not including professional charges.

Bishops Castle case:

Mr F Nguyen acquired a ground floor flat in Bishops Castle in October 1997. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Similar properties in Bishops Castle with an extended lease were worth £191,400. The mid-range ground rent payable was £55 invoiced annually. The lease concluded on 4 November 2080. Taking into account 54 years remaining we estimated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 not including fees.