Why you should start your Easton lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Easton. Inevitably, the term of lease remaining shortens over time. This is often ignored and only becomes a problem when the residence has to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Easton have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. You should give due attention before putting off your Easton lease extension. Holding off that expense now only increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This will cause difficulties when you come to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you may not have an imminent intention to sell but when you do your purchaser must hold off for a couple of years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Easton?

Lease extensions in Easton can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 Easton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Easton Lease Extension Example Cases:

Dylan, Easton, Bristol

In 2014 Dylan, came seriously near to the 80-year threshold with the lease on his purpose- built flat in Easton. In buying his flat two decades ago, the length of the lease was of little interest. Fortunately, he became aware that he would soon be paying an inflated amount for a lease extension. Dylan was able to extend his lease just ahead of time in March. Dylan and the landlord in the end agreed on sum of £5,500 . If he not met the deadline, the sum would have gone up by a minimum £950.

Easton case:

In 2011 we were contacted by Mr and Mrs. D Gómez who, having moved into a garden apartment in Easton in October 2007. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical residencies in Easton with a long lease were worth £250,000. The mid-range ground rent payable was £50 billed quarterly. The lease lapsed on 26 September 2095. Considering the 69 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.

Easton case:

In 2010 we were phoned by Mr Jake Fournier who, having bought a first floor apartment in Easton in January 2008. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Identical homes in Easton with 100 year plus lease were valued about £285,000. The average amount of ground rent was £55 collected per annum. The lease expiry date was on 26 November 2106. Having 80 years left we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus fees.