Why you should start your Bridport lease extension

Why you should start your Bridport lease extension today:

A Bridport lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Bridport you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.

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

Lending institutions have specific criteria when loaning funds charged on leasehold property. Some will simply not lend at all once an unexpired lease term slips below a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Bridport property.

Why use us for your lease extension in Bridport?

Lease extensions in Bridport can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in this area.

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 a wealth of experience dealing with Bridport lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bridport Lease Extension Case Studies:

Daisy, Bridport, Dorset,

In the wake of 9 months of unsuccessful negotiations with the landlord of her basement apartment in Bridport, Daisy initiated the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was finalised in November 2011. The landlord’s costs were restricted to about 600 pounds.

Bridport case:

In 2013 we were approached by Mr Y Wilson who, having owned a first floor apartment in Bridport in January 2002. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparable flats in Bridport with a long lease were in the region of £230,800. The mid-range amount of ground rent was £60 invoiced quarterly. The lease terminated in 2086. Considering the 60 years unexpired we estimated the compensation to the landlord to extend the lease to be within £24,700 and £28,600 exclusive of expenses.

Bridport case:

Mr and Mrs. K Rivera bought a one bedroom apartment in Bridport in July 2012. The question was if we could approximate the price would likely be to extend the lease by ninety years. Similar flats in Bridport with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease terminated on 3 June 2106. Given that there were 80 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.