Top reasons for Bradford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bradford property value

The only way is down when it comes to Bradford lease terms. Bradford leaseholds that have a remaining term fewer than 80 years will de-escalate in market price even faster, and the cost of extending your lease will increase.

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

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not loan monies on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years left once the mortgage has expired. Given that many 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.

What makes us experts in Bradford lease extensions?

The conveyancers that we work with undertake Bradford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Bradford Lease Extension Case Studies:

Georgina, Bradford, West Yorkshire,

After protracted discussions with the freeholder of her first floor apartment in Bradford, Georgina started the lease extension process just as her lease was nearing the critical 80-year deadline. The transaction was concluded in October 2015. The freeholder’s fees were kept to an absolute minimum.

Bradford case:

Last year we were approach by Ms Alisha Gunderson , who completed a one bedroom flat in Bradford in March 2008. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable flats in Bradford with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected quarterly. The lease came to a finish on 8 January 2103. Having 77 years left we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.

Bradford case:

Mr and Mrs. N Bertrand purchased a one bedroom flat in Bradford in October 2005. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Similar residencies in Bradford with an extended lease were in the region of £260,200. The average ground rent payable was £65 collected annually. The lease finished on 18 August 2092. Having 66 years outstanding we calculated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of expenses.