Bude Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Bude
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Bude lease extension

Why you should start your Bude lease extension today:

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

Bude residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 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.

Lenders may not finance a property with a short lease

Mortgage Lenders differ in their lending requirements. Some set the bar at 75 years left on the lease; others may be prepared to lend with anything in excess seventy years. With less than 60 years, it may be challenging to obtain a mortgage at all.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Bude lease extension solicitors or enfranchisement solicitors

Using our service will provide you better control over the value of your Bude leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bude Lease Extension Example Cases:

Molly, Bude, Cornwall,

Trailing lengthy negotiations with the landlord of her ground floor flat in Bude, Molly initiated the lease extension process just as the lease was coming close to the critical 80-year mark. The transaction was finalised in April 2009. The landlord’s charges were kept to an absolute minimum.

Bude case:

Mr Theo André moved into a first floor apartment in Bude in October 2000. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative residencies in Bude with a long lease were in the region of £206,200. The mid-range ground rent payable was £60 invoiced annually. The lease termination date was on 25 April 2081. Considering the 56 years left we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including fees.

Bude case:

In 2012 we were called by Mr and Mrs. E Lambert who, having acquired a garden flat in Bude in October 2012. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative flats in Bude with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 collected monthly. The lease elapsed on 16 September 2101. Considering the 76 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.