Why you should commence your Bradford On Avon lease extension

Why you should start your Bradford On Avon lease extension today:

Increase your lease and increase your Bradford On Avon property value

For those whose Bradford On Avon home is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.

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

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not finance a property on a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Bradford On Avon were created 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 Bradford On Avon?

Lease extensions in Bradford On Avon can be a difficult process. We recommend you procure 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 Bradford 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.

Bradford On Avon Lease Extension Example Cases:

Kai, Bradford On Avon, Wiltshire

Last year Kai, started to get close to the 80-year mark with the lease on his leasehold apartment in Bradford On Avon. Having bought his property twenty years ago, the length of the lease was of no concern. by good luck, it dawned on him that he needed to take action soon on a lease extension. Kai extended the lease at the eleventh hour in May. Kai and the landlord who owned the flat above in the end settled on an amount of £5,500 . If he had missed the deadline, the amount would have become more exhorbitant by a minimum £1,075.

Bradford On Avon case:

Mr T Gunderson purchased a one bedroom apartment in Bradford On Avon in May 1996. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Similar residencies in Bradford On Avon with 100 year plus lease were in the region of £171,800. The mid-range amount of ground rent was £55 collected per annum. The lease expired in 2076. Given that there were 50 years outstanding we estimated the premium to the landlord for the lease extension to be within £33,300 and £38,400 not including costs.

Bradford On Avon case:

In 2012 we were contacted by Dr Theo Petit who, having moved into a purpose-built flat in Bradford On Avon in August 1996. We are asked if we could approximate the price could be to extend the lease by 90 years. Comparative residencies in Bradford On Avon with an extended lease were valued around £280,000. The mid-range ground rent payable was £45 invoiced yearly. The lease lapsed on 17 January 2096. Given that there were 70 years left we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.