Top reasons for Horfield lease extension

Top reasons for lease extension now:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Horfield may extend the lease for a further ninety years in accordance with legislation. Please think carefully before delaying your Horfield lease extension. Shelving that expense now simply escalates the price you will eventually be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

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

Banks and Building Societies will not lend on a short lease

Almost all mortgage companies will not lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Horfield property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Horfield?

Engaging our service gives you increased control over the value of your Horfield leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Horfield Lease Extension Example Cases:

Benjamin, Horfield, Bristol,

Benjamin was the the leasehold proprietor of a 2 bedroom flat in Horfield on the market with a lease of a little over 59 years left. Benjamin on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert advice and secured satisfactory resolution informally and sell the property.

Horfield case:

Mr and Mrs. H Nguyen moved into a purpose-built flat in Horfield in June 2000. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Identical premises in Horfield with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 collected annually. The lease lapsed in 2093. Given that there were 67 years unexpired we estimated the premium to the landlord for the lease extension to be within £14,300 and £16,400 not including professional charges.

Horfield case:

Ms Imogen Flores moved into a one bedroom flat in Horfield in August 1996. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative premises in Horfield with 100 year plus lease were valued around £206,200. The average amount of ground rent was £60 invoiced every twelve months. The lease finished on 21 May 2082. Taking into account 56 years outstanding we estimated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of costs.