Why you should commence your Bardsley lease extension

Why you should commence your Bardsley lease extension today:

Increase your lease and increase your Bardsley property value

With a residential leasehold property in Bardsley, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably when there are less than eighty years remaining. Anyone in Bardsley with a lease drawing near to 81 years left should seriously consider extending it sooner than later. Once a lease has less than eighty years outstanding, under the relevant statute the landlord is entitled to calculate and levy a greater premium, based on a technical calculation, known as “marriage value” which is payable.

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

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not finance a property with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Bardsley property being difficult to dispose of or remortgage.

Why use us for your lease extension in Bardsley?

Using our service will provide you better control over the value of your Bardsley leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bardsley Lease Extension Example Cases:

Felix, Bardsley, Greater Manchester

Last October Felix, came dangerously near to the 80-year mark with the lease on his studio flat in Bardsley. In buying his flat two decades ago, the length of the lease was of little relevance. Luckily, he became aware that he needed to take action soon on Extending the lease. Felix arranged for a lease extension just under the wire last August. Felix and the freeholder via the managing agents ultimately agreed on a premium of £5,000 . If he had missed the deadline, the premium would have gone up by at least £1,125.

Bardsley case:

Mr and Mrs. H Clarke took over the lease of a basement flat in Bardsley in February 2010. The question was if we could approximate the price would likely be for a ninety year lease extension. Comparative homes in Bardsley with a long lease were valued about £275,000. The mid-range ground rent payable was £65 collected every twelve months. The lease expired in 2094. Given that there were 68 years remaining we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including expenses.

Bardsley case:

Last Summer we were contacted by Dr Blake Bonnet , who acquired a basement apartment in Bardsley in April 2002. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical properties in Bardsley with 100 year plus lease were in the region of £213,600. The mid-range amount of ground rent was £60 billed yearly. The lease finished on 4 September 2083. Having 57 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of costs.