Top reasons for West Bridgford lease extension

Why you should start your West Bridgford lease extension today:

Increase your lease and increase your West Bridgford property value

The value of West Bridgford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than 80 years

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to lend with a short lease

Lenders are really restricting their approach as regards to properties in West Bridgford with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting the amount of prospective buyers.

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

Regardless of whether you are a tenant or a freeholder in West Bridgford,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 West Bridgford valuers.

West Bridgford Lease Extension Example Cases:

Gemma, West Bridgford, Nottinghamshire,

After unsuccessful discussions with the landlord of her garden flat in West Bridgford, Gemma initiated the lease extension process as the 80 year threshold was fast advancing. The transaction was concluded in June 2015. The freeholder’s charges were restricted to about 450 GBP.

West Bridgford case:

Dr A Pérez took over the lease of a garden flat in West Bridgford in October 2001. The question was if we could approximate the price would be to extend the lease by a further 90 years. Comparable flats in West Bridgford with a long lease were valued about £246,800. The average ground rent payable was £60 billed yearly. The lease concluded on 11 August 2076. Taking into account 50 years remaining we estimated the premium to the landlord to extend the lease to be within £44,700 and £51,600 plus legals.

West Bridgford case:

In 2009 we were called by Mr L Evans who, having bought a basement flat in West Bridgford in September 2003. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in West Bridgford with a long lease were valued about £203,200. The average ground rent payable was £65 billed yearly. The lease lapsed on 23 March 2087. Given that there were 61 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including costs.