Top reasons for Easton lease extension

Main reasons to commence your Easton lease extension today:

Increase your lease and increase your Easton property value

The closer a domestic lease in Easton gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of one hundred years remaining then this decrease may be of little impact however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. The majority of flat owners in Easton will qualify for this right; nevertheless a lawyer can advise whether you are eligible for a lease extension. In certain 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 generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not issue a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be deficient for lending purposes.

Get in touch with one of our Easton lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Easton leasehold, as your property will be more valuable and marketable in terms of 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.

Easton Lease Extension Case Summaries:

Zoe, Easton, Bristol,

Following unsuccessful negotiations with the freeholder of her studio flat in Easton, Zoe initiated the lease extension process just as her lease was coming close to the crucial 80-year mark. The transaction was concluded in February 2012. The freeholder’s costs were kept to an absolute minimum.

Easton case:

In 2013 we were phoned by Mr Charlie Vincent who, having took over the lease of a ground floor flat in Easton in June 2007. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Identical premises in Easton with a long lease were in the region of £246,800. The average ground rent payable was £60 invoiced quarterly. The lease ended in 2076. Considering the 50 years left we calculated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 plus expenses.

Easton case:

Last Summer we were e-mailed by Mrs P Girard , who was assigned a lease of a one bedroom apartment in Easton in October 2006. We are asked if we could approximate the price would be for a 90 year lease extension. Comparative residencies in Easton with an extended lease were worth £203,200. The average amount of ground rent was £65 billed per annum. The lease finished on 24 July 2087. Having 61 years outstanding we approximated the premium to the landlord to extend the lease to be within £19,000 and £22,000 not including expenses.