Main reasons to start your Clifton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Clifton property value

Clifton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Clifton tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Clifton you must check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold residencies in Clifton with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Mortgage companies do not lend on short residential leases. You most probably experience difficulties if you need to sell your flat in Clifton if the unexpired term of your lease is below the criteria set by the majority of lenders. Different lenders have different criteria but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Clifton?

Using our service will provide you better control over the value of your Clifton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Clifton Lease Extension Case Studies:

Ali, Clifton, Bristol

Last year Ali, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Clifton. Having bought his flat 19 years previously, the lease term was of minimal significance. Thankfully, he became aware that he would imminently be paying way over the odds for Extending the lease. Ali extended the lease just ahead of time last March. Ali and the freeholder in the end agreed on the final figure of £5,500 . If he failed to meet the deadline, the figure would have gone up by at least £975.

Clifton case:

Last Winter we were phoned by Mr Charlie Richardson , who acquired a garden flat in Clifton in April 1995. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Comparative residencies in Clifton with 100 year plus lease were worth £270,000. The mid-range ground rent payable was £55 billed quarterly. The lease ran out on 16 August 2100. Given that there were 74 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.

Clifton case:

Mr and Mrs. M Girard moved into a one bedroom apartment in Clifton in January 2003. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Clifton with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 collected monthly. The lease concluded on 21 October 2080. Having 54 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.