Main reasons to commence your Fishponds lease extension

Main reasons to start your Fishponds lease extension today:

A Fishponds lease depreciates with the years remaining on the lease.

As the the remaining lease term of a Fishponds residential lease diminished so does its value and therefore the value of your property. Where the residual term has, in excess of one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending without delay. Most flat owners in Fishponds will qualify for this right; that being said a conveyancing solicitor can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Fishponds property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not finance a property with a short lease

Lenders are really restricting their approach as regards to homes in Fishponds with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

What makes us experts in Fishponds lease extensions?

The conveyancing solicitors that we work with handle Fishponds lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Fishponds Lease Extension Example Cases:

Kelsey, Fishponds, Bristol,

In the wake of eight months of protracted correspondence with the freeholder of her leasehold apartment in Fishponds, Kelsey initiated the lease extension process as the 80 year threshold was fast approaching. The legal work completed in August 2014. The freeholder’s costs were kept to an absolute minimum.

Fishponds case:

In 2010 we were approached by Dr Molly Moore who, having acquired a first floor apartment in Fishponds in February 2009. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparable homes in Fishponds with a long lease were worth £285,000. The average ground rent payable was £55 invoiced quarterly. The lease finished in 2106. Taking into account 80 years unexpired we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus costs.

Fishponds case:

Mrs M Rogers was assigned a lease of a garden flat in Fishponds in July 1996. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative premises in Fishponds with a long lease were worth £200,800. The average amount of ground rent was £65 invoiced per annum. The lease came to a finish in 2086. Having 60 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus expenses.