Why you should commence your Bardsley lease extension

Main reasons to start your Bardsley lease extension today:

A Bardsley leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Bardsley domestic lease diminished so does its value and therefore the value of your property. If the lease has, over one hundred years remaining then this decrease may be fractional that being said there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner as opposed to later. The majority of flat owners in Bardsley will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold residencies in Bardsley with in excess of one hundred years unexpired on the lease are often regarded as a ‘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 purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to lend with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have at least 60 if not 70 years left once the mortgage has expired. Given that a number of flats in Bardsley were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Bardsley lease extensions?

Lease extensions in Bardsley can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 Bardsley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bardsley Lease Extension Case Summaries:

Louise, Bardsley, Greater Manchester,

After protracted discussions with the freeholder of her two bedroom flat in Bardsley, Louise initiated the lease extension process just as the lease was approaching the all-important 80-year threshold. The transaction completed in March 2008. The freeholder’s costs were kept to an absolute minimum.

Bardsley case:

Last Autumn we were called by Mr and Mrs. H Ward , who owned a ground floor apartment in Bardsley in July 2006. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Comparative flats in Bardsley with a long lease were in the region of £250,400. The average ground rent payable was £65 collected per annum. The lease concluded on 7 November 2090. Considering the 64 years unexpired we calculated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of legals.

Bardsley case:

Dr Natasha Lee purchased a studio apartment in Bardsley in January 1997. We are asked if we could approximate the price could be to extend the lease by 90 years. Comparable properties in Bardsley with an extended lease were in the region of £189,000. The average amount of ground rent was £55 collected per annum. The lease ran out in 2079. Considering the 53 years remaining we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including professional charges.