Main reasons to start your Redfield lease extension

Why you should start your Redfield lease extension today:

Increase your lease and increase your Redfield property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Redfield may extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Redfield lease extension. Postponing that expense today simply escalates the premium you will eventually be required to pay for a lease extension.

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

Leasehold residencies in Redfield with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may not grant a mortgage with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter problems if you want to sell your flat in Redfield if the unexpired lease term is under the criteria set by the majority of lenders. Different lenders have different criteria but in the main they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Redfield?

Lease extensions in Redfield can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Redfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Redfield Lease Extension Case Summaries:

Bethany, Redfield, Bristol,

After protracted negotiations with the freeholder of her ground floor flat in Redfield, Bethany started the lease extension process as the eighty year threshold was fast approaching. The transaction was concluded in March 2009. The freeholder’s charges were negotiated to approximately 600 pounds.

Redfield case:

Last Spring we were e-mailed by Mr and Mrs. N Ramírez , who acquired a basement flat in Redfield in January 2003. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar properties in Redfield with 100 year plus lease were worth £265,000. The mid-range ground rent payable was £50 billed annually. The lease end date was in 2100. Considering the 74 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.

Redfield case:

Last year we were approach by Mr H Davies , who moved into a one bedroom apartment in Redfield in February 2004. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical flats in Redfield with an extended lease were worth £166,400. The average ground rent payable was £60 invoiced annually. The lease lapsed on 25 October 2080. Considering the 54 years unexpired we estimated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus legals.