Main reasons to 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 residential lease diminished so does its value and therefore the value of your property. Where the residual term has, in excess of one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Many flat owners in Bardsley will qualify for this right; that being said a conveyancing solicitor will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Bardsley property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Bardsley with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not finance a property with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic as and when you come to dispose of or refinance your property as it will be effectively unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer will have to hold off for a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Bardsley?

Irrespective of whether you are a tenant or a freeholder in Bardsley,the lease extension lawyers 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 Bardsley valuers.

Bardsley Lease Extension Case Studies:

Katie, Bardsley, Greater Manchester,

In the wake of 9 months of lengthy correspondence with the freeholder of her ground floor flat in Bardsley, Katie started the lease extension process as the eighty year deadline was rapidly coming. The legal work completed in April 2005. The freeholder’s costs were restricted to less than 500 GBP.

Bardsley case:

Last year we were approach by Ms Emma Bell , who moved into a garden flat in Bardsley in September 1999. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Comparable properties in Bardsley with a long lease were worth £205,000. The mid-range ground rent payable was £50 billed monthly. The lease elapsed in 2105. Taking into account 79 years remaining we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.

Bardsley case:

Last Summer we were called by Mrs C Gunderson , who was assigned a lease of a first floor apartment in Bardsley in July 2011. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Similar residencies in Bardsley with a long lease were worth £275,000. The average ground rent payable was £65 invoiced per annum. The lease expired on 3 June 2094. Having 68 years remaining we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including professional charges.