Main reasons to start your Clifton lease extension

Top reasons for lease extension now:

A Clifton leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Clifton residential lease diminished so does its value and therefore the value of your property. If the lease has, more than 99 years to run then this decrease may be fractional however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Clifton will qualify for this right; nevertheless a conveyancer can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term goes under a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are wanting to refinance your Clifton property.

Why use us for your lease extension in Clifton?

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

Clifton Lease Extension Case Studies:

Chloe, Clifton, Bristol,

Following unsuccessful negotiations with the landlord of her one bedroom flat in Clifton, Chloe initiated the lease extension process just as the lease was approaching the critical eighty-year threshold. The lease extension was concluded in June 2010. The freeholder’s fees were restricted to slightly above 550 pounds.

Clifton case:

Last Winter we were phoned by Mr Dexter Rose , who took over the lease of a recently refurbished apartment in Clifton in March 1998. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar properties in Clifton with a long lease were valued about £215,600. The mid-range ground rent payable was £45 collected yearly. The lease terminated in 2088. Given that there were 62 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 exclusive of fees.

Clifton case:

Last Spring we were phoned by Mr and Mrs. O André , who completed a studio flat in Clifton in August 2005. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Identical premises in Clifton with 100 year plus lease were valued around £265,000. The mid-range ground rent payable was £50 billed per annum. The lease expiry date was on 27 February 2099. Given that there were 73 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.