Why you should start your Broadclyst lease extension

Top reasons for lease extension now:

Increase your lease and increase your Broadclyst property value

Chances are that where you own a flat in Broadclyst you actually own a long leasehold interest over your property

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

Leasehold premises in Broadclyst with in excess of 100 years left on the lease are often 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 upside in buying the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to lend with a short lease

Almost all mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone wanting to buy your property in the future might well do, so if they are not able to obtain a mortgage, then the financial worth of the property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Broadclyst?

Regardless of whether you are a tenant or a landlord in Broadclyst,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Broadclyst valuers.

Broadclyst Lease Extension Case Summaries:

Matthew, Broadclyst, Devon,

Matthew owned a high value apartment in Broadclyst on the market with a lease of fraction over 59 years unexpired. Matthew informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Matthew to exercise his statutory right. Matthew procured expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Broadclyst case:

Last September we were e-mailed by Mr and Mrs. W Richardson , who bought a one bedroom apartment in Broadclyst in October 2011. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Comparable properties in Broadclyst with an extended lease were worth £260,200. The mid-range ground rent payable was £65 invoiced per annum. The lease came to a finish on 4 March 2092. Considering the 66 years outstanding we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including professional charges.

Broadclyst case:

In 2011 we were e-mailed by Ms L Thompson who, having owned a basement apartment in Broadclyst in January 2008. We are asked if we could estimate the premium would be for a ninety year lease extension. Similar premises in Broadclyst with a long lease were worth £198,800. The average amount of ground rent was £55 collected monthly. The lease concluded on 25 October 2081. Taking into account 55 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 plus costs.