Why you should start your Bredon lease extension

Why you should start your Bredon lease extension today:

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

The only way is down when it comes to Bredon lease terms. Bredon properties that have a lease term less than than eighty years will drop in value even faster, and the cost to extend your lease will go up.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not lend on a short lease

Most banks and building societies will not lend on a lease with under seventy years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Bredon property becoming difficult to sell or to obtain finance on.

What makes us experts in Bredon lease extensions?

Regardless of whether you are a tenant or a freeholder in Bredon,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bredon valuers.

Bredon Lease Extension Case Summaries:

Evan, Bredon, Worcestershire

In 2014 Evan, came dangerously close to the eighty-year threshold with the lease on his studio apartment in Bredon. Having bought his home twenty years ago, the length of the lease was of little bearing. Thankfully, he noticed he needed to take action soon on Extending the lease. Evan arranged for a lease extension just under the wire in July. Evan and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If he failed to meet the deadline, the sum would have increased by at least £875.

Bredon case:

Last Christmas we were approach by Mr Jude Sánchez , who was assigned a lease of a basement flat in Bredon in February 2012. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparative premises in Bredon with an extended lease were in the region of £205,000. The mid-range ground rent payable was £50 billed annually. The lease end date was in 2105. Considering the 79 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of fees.

Bredon case:

In 2014 we were e-mailed by Dr Georgina Mercier who, having was assigned a lease of a one bedroom apartment in Bredon in July 2011. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Identical homes in Bredon with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £65 collected monthly. The lease concluded on 17 November 2094. Having 68 years left we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.