Top reasons for Horfield lease extension

Main reasons to start your Horfield lease extension today:

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

The nearer a residential lease in Horfield gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, in excess of one hundred years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Horfield will meet the qualifying criteria; that being said a conveyancer can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Horfield with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not finance a property with a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems if you want to sell your flat in Horfield if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Horfield?

Regardless of whether you are a tenant or a landlord in Horfield,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 Horfield valuers.

Horfield Lease Extension Example Cases:

Lauren, Horfield, Bristol,

Trailing protracted negotiations with the freeholder of her first floor flat in Horfield, Lauren commenced the lease extension process just as her lease was coming close to the critical eighty-year deadline. The legal work was concluded in July 2011. The landlord’s fees were restricted to a tad over 550 GBP.

Horfield case:

Last Spring we were contacted by Ms Daisy Phillips , who completed a ground floor apartment in Horfield in March 1999. The dilemma was if we could estimate the price would be to prolong the lease by ninety years. Similar residencies in Horfield with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 billed per annum. The lease concluded in 2105. Given that there were 79 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Horfield case:

Last Christmas we were contacted by Ms Rosie Norbert , who bought a garden flat in Horfield in February 2012. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Similar flats in Horfield with a long lease were worth £275,000. The mid-range ground rent payable was £65 billed quarterly. The lease concluded on 27 June 2094. Given that there were 68 years outstanding we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.