Main reasons to commence your Redland lease extension

Top reasons for lease extension now:

Increase your lease and increase your Redland property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Redland may extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Redland lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Redland with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not issue a mortgage on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as inadequate for lending purposes.

Why use us for your lease extension in Redland?

Engaging our service gives you increased control over the value of your Redland leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Redland Lease Extension Case Summaries:

Paige, Redland, Bristol,

Off the back of unsuccessful correspondence with the freeholder of her two bedroom apartment in Redland, Paige started the lease extension process just as the lease was approaching the all-important 80-year mark. The lease extension completed in April 2015. The freeholder’s costs were kept to an absolute minimum.

Redland case:

Last Summer we were e-mailed by Mr and Mrs. E Flores , who completed a studio apartment in Redland in November 2012. The question was if we could approximate the price would likely be to prolong the lease by ninety years. Identical properties in Redland with a long lease were worth £200,800. The mid-range ground rent payable was £65 billed quarterly. The lease lapsed in 2086. Having 60 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus professional charges.

Redland case:

In 2009 we were called by Dr H Díaz who, having bought a studio apartment in Redland in April 2001. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Comparative premises in Redland with an extended lease were valued around £255,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired in 2097. Taking into account 71 years as a residual term we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.