Main reasons to start your Henleaze lease extension

Main reasons to start your Henleaze lease extension today:

Increase your lease and increase your Henleaze property value

With a residential leasehold premises in Henleaze, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than eighty years left. Leasehold owners in Henleaze with a lease approaching 81 years remaining should seriously think of extending it as soon as possible. Once the lease term has fewer than eighty years remaining, under the relevant Act the landlord can calculate and charge a greater premium, assessed on a technical multiplication, known as “marriage value” which is payable.

Henleaze property with a lease extension 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 roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies on a short lease

Lending institutions have set criteria when lending funds charged on leasehold homes. Some will simply refrain from lending at all once the remaining lease term falls lower than a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining below 75 years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Henleaze property.

Why use us for your lease extension in Henleaze?

Irrespective of whether you are a tenant or a landlord in Henleaze,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 experience and the close ties they enjoy with Henleaze valuers.

Henleaze Lease Extension Case Summaries:

Harriet, Henleaze, Bristol,

In the wake of 6 months of lengthy negotiations with the freeholder of her leasehold flat in Henleaze, Harriet started the lease extension process as the 80 year deadline was rapidly approaching. The legal work was finalised in June 2009. The landlord’s charges were negotiated to under 450 pounds.

Henleaze case:

In 2013 we were called by Dr H Wilson who, having took over the lease of a purpose-built flat in Henleaze in October 2012. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable premises in Henleaze with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 billed annually. The lease lapsed in 2099. Having 73 years unexpired we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.

Henleaze case:

Last Winter we were approach by Dr Imogen Green , who took over the lease of a purpose-built apartment in Henleaze in April 2003. We are asked if we could estimate the premium would be for a ninety year lease extension. Identical premises in Henleaze with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £65 billed monthly. The lease lapsed in 2088. Given that there were 62 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 plus legals.