Top reasons for Bradford lease extension

Why you should start your Bradford lease extension today:

A Bradford leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Bradford you actually own a long leasehold interest over your property

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

Leasehold properties in Bradford with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not grant a mortgage with a short lease

Most high street banks are tightening their criteria and many now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Considering plenty of flats in Bradford were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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

Engaging our service will provide you increased control over the value of your Bradford leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bradford Lease Extension Case Studies:

Amelia, Bradford, West Yorkshire,

In the wake of eight months of unsuccessful negotiations with the landlord of her leasehold flat in Bradford, Amelia initiated the lease extension process just as her lease was nearing the all-important eighty-year deadline. The transaction completed in May 2013. The landlord’s fees were kept to an absolute minimum.

Bradford case:

Ms Alicia Morel completed a basement flat in Bradford in June 2012. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar flats in Bradford with an extended lease were valued around £166,800. The mid-range amount of ground rent was £50 billed per annum. The lease lapsed on 20 January 2076. Taking into account 50 years remaining we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including expenses.

Bradford case:

Mr and Mrs. D Stewart completed a newly refurbished flat in Bradford in April 2011. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative homes in Bradford with a long lease were in the region of £280,000. The mid-range ground rent payable was £45 collected every twelve months. The lease ended in 2096. Given that there were 70 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.