Why you should start your Bulkington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bulkington property value

The re-sale value of a leasehold property in Bulkington depends on how many years the lease has remaining. If it is close to or fewer than eighty years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended before purchasing. It is preferable to commence the process of extending the lease is when the lease still has 82 years unexpired so that all matters can be concluded ahead of the eighty year threshold. Current legislation enables Bulkington qualifying lessees to obtain a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Bulkington with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This may cause difficulties once you wish to sell or remortgage your property as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your buyer must wait a couple of years before they can exercise the right to a an extension to the lease.

What makes us experts in Bulkington lease extensions?

Using our service will provide you increased control over the value of your Bulkington leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bulkington Lease Extension Case Studies:

Eliot, Bulkington, Warwickshire

Twenty four months ago Eliot, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Bulkington. Having purchased his property 18 years previously, the length of the lease was of no bearing. Luckily, he noticed he needed to take action soon on Extending the lease. Eliot was able to extend his lease just under the wire in March. Eliot and the landlord in the end agreed on the final figure of £5,000 . If he had missed the deadline, the premium would have gone up by a minimum £1,125.

Bulkington case:

Mr and Mrs. R Sánchez took over the lease of a one bedroom apartment in Bulkington in July 1998. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical properties in Bulkington with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease ran out in 2104. Given that there were 78 years left we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.

Bulkington case:

Last Winter we were phoned by Mr and Mrs. L Bennett , who moved into a purpose-built apartment in Bulkington in January 2010. The dilemma was if we could estimate the premium could be to extend the lease by ninety years. Identical residencies in Bulkington with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expired in 2093. Having 67 years remaining we calculated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 plus professional charges.