Main reasons to commence your Bradley Stoke lease extension

Top reasons for lease extension now:

A Bradley Stoke leasehold property depreciates with the years remaining on the lease.

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

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

Leasehold premises in Bradley Stoke with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not grant a mortgage with a short lease

Lenders are really restricting their approach as regards to properties in Bradley Stoke with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the amount of potential purchasers.

Why use us for your lease extension in Bradley Stoke?

Irrespective of whether you are a tenant or a freeholder in Bradley Stoke,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 experience and the close ties they enjoy with Bradley Stoke valuers.

Bradley Stoke Lease Extension Example Cases:

Hugo, Bradley Stoke, Bristol

Last year Hugo, started to get near to the 80-year threshold with the lease on his leasehold flat in Bradley Stoke. In buying his home two decades ago, the length of the lease was of little bearing. by good luck, he noticed he would imminently be paying way over the odds for Extending the lease. Hugo extended the lease at the eleventh hour in July. Hugo and the landlord subsequently settled on the final figure of £6,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,150.

Bradley Stoke case:

Last Summer we were called by Dr Olivia White , who completed a one bedroom apartment in Bradley Stoke in September 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative properties in Bradley Stoke with 100 year plus lease were valued about £285,000. The average ground rent payable was £45 collected per annum. The lease expired on 7 November 2097. Given that there were 71 years outstanding we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.

Bradley Stoke case:

Last year we were approach by Dr Harvey González , who took over the lease of a studio flat in Bradley Stoke in October 2008. The question was if we could approximate the price would likely be for a 90 year lease extension. Similar homes in Bradley Stoke with 100 year plus lease were in the region of £225,800. The average ground rent payable was £60 collected monthly. The lease finished on 7 September 2086. Given that there were 60 years left we approximated the premium to the landlord for the lease extension to be between £23,800 and £27,400 plus professional charges.