Main reasons to commence your Redland lease extension

Main reasons to commence your Redland lease extension today:

Increase your lease and increase your Redland property value

When it comes to long leasehold property in Redland, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Leasehold owners in Redland with a lease approaching 81 years unexpired should seriously consider extending it sooner rather than later. Once the lease term has fewer than eighty years left, under the relevant statute the freeholder can calculate and charge a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is due.

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

Leasehold residencies in Redland with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lending institutions may decide not to finance a property on a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to experience problems if you need to sell your flat in Redland if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have varying 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 Redland?

Lease extensions in Redland can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 dealing with Redland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Redland Lease Extension Case Studies:

Emma, Redland, Bristol,

Trailing lengthy correspondence with the freeholder of her one bedroom flat in Redland, Emma initiated the lease extension process just as her lease was coming close to the all-important 80-year mark. The lease extension was concluded in February 2007. The landlord’s charges were negotiated to slightly above 700 GBP.

Redland case:

Ms H Morris took over the lease of a basement apartment in Redland in October 2005. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative residencies in Redland with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 billed annually. The lease ended in 2082. Taking into account 56 years left we estimated the premium to the freeholder to extend the lease to be within £29,500 and £34,000 plus costs.

Redland case:

In 2013 we were called by Ms Natasha Wood who, having took over the lease of a one bedroom apartment in Redland in May 1996. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Identical homes in Redland with a long lease were worth £237,600. The average amount of ground rent was £45 collected quarterly. The lease finished in 2093. Having 67 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including expenses.