Main reasons to start your Bodfari lease extension

Top reasons for lease extension now:

A Bodfari lease depreciates with the years remaining on the lease.

Bodfari leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Bodfari tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Bodfari you should investigate if your lease has between 70 and ninety years left. There are good reasons why a Bodfari flat owner with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Bodfari with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in Bodfari?

Using our service gives you increased control over the value of your Bodfari leasehold, as your property will be more valuable and marketable 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.

Bodfari Lease Extension Example Cases:

Hugo, Bodfari, Denbighshire,

Hugo was the the leasehold proprietor of a studio flat in Bodfari being marketed with a lease of a little over sixty years outstanding. Hugo informally approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be due on a lease extension were Hugo to exercise his statutory right. Hugo procured expert advice and secured satisfactory deal informally and sell the flat.

Bodfari case:

Mrs Bethany Mitchell took over the lease of a first floor flat in Bodfari in July 2010. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative homes in Bodfari with 100 year plus lease were valued around £242,600. The mid-range amount of ground rent was £45 billed quarterly. The lease concluded on 15 August 2093. Taking into account 67 years unexpired we estimated the premium to the landlord to extend the lease to be between £11,400 and £13,200 plus expenses.

Bodfari case:

Mr M Richardson owned a basement flat in Bodfari in November 1995. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparable homes in Bodfari with 100 year plus lease were valued about £280,000. The mid-range ground rent payable was £55 collected annually. The lease elapsed in 2104. Taking into account 78 years left we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.