Main reasons to commence your Downend lease extension

Main reasons to start your Downend lease extension today:

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

On the balance of probabilities if you own a flat in Downend you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Downend with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to grant a mortgage on a short lease

Most mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should be mindful that it is likely that someone wanting to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Downend?

Lease extensions in Downend can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Downend lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Downend Lease Extension Case Studies:

Lucas, Downend, Bristol

18 months ago Lucas, came seriously close to the eighty-year mark with the lease on his one bedroom flat in Downend. In buying his flat two decades ago, the unexpired term was of little relevance. Thankfully, it dawned on him that he needed to take action soon on a lease extension. Lucas extended the lease just ahead of time in March. Lucas and the landlord in the end agreed on an amount of £5,000 . If the lease had slipped below 80 years, the figure would have gone up by at least £1,100.

Downend case:

Last Spring we were approach by Dr T Mercier , who owned a basement flat in Downend in May 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Similar residencies in Downend with an extended lease were worth £240,600. The mid-range amount of ground rent was £65 billed per annum. The lease concluded on 28 August 2088. Given that there were 62 years left we approximated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.

Downend case:

Mrs T Bell moved into a one bedroom flat in Downend in June 2011. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar properties in Downend with an extended lease were valued about £174,200. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish in 2077. Having 51 years remaining we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including fees.