Top reasons for Portishead lease extension

Why you should commence your Portishead lease extension today:

Increase your lease and increase your Portishead property value

Chances are that where you own a flat in Portishead you actually own a long leasehold interest over your property

Portishead property with a lease extension is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will be problematic when you need to dispose of or refinance your property as it will be practically unmortgageable. Even though you may not have an immediate desire to sell but when you do your purchaser must hold off for two years before being able to start the legal procedures for an extension to the lease.

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

The conveyancing solicitors that we work with handle Portishead 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 conveyancing solicitor we work with provide it.

Portishead Lease Extension Example Cases:

Finley, Portishead, North Somerset,

Finley owned a studio flat in Portishead being marketed with a lease of just over 59 years remaining. Finley informally approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Finley to exercise his statutory right. Finley procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Portishead case:

Mrs K Rose bought a ground floor apartment in Portishead in July 2008. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparative premises in Portishead with a long lease were in the region of £200,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease elapsed on 11 November 2104. Having 78 years remaining we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.

Portishead case:

Mrs C Sharif owned a newly refurbished flat in Portishead in February 2000. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Comparable properties in Portishead with 100 year plus lease were worth £267,600. The average ground rent payable was £65 collected every twelve months. The lease lapsed in 2093. Considering the 67 years unexpired we approximated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of costs.