Top reasons for Henbury lease extension

Top reasons for lease extension now:

A Henbury lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Henbury. Inevitably, the period of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Henbury have the right to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. You should give careful deliberation before delaying your Henbury lease extension. Holding off that expense now simply increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

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

The conveyancing solicitors that we work with procure Henbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Henbury Lease Extension Case Studies:

Charlie, Henbury, Bristol,

Charlie was the the leasehold owner of a conversion apartment in Henbury being sold with a lease of a little over 59 years unexpired. Charlie informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Charlie to exercise his statutory right. Charlie procured expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.

Henbury case:

Last November we were called by Ms W Martin , who completed a purpose-built apartment in Henbury in October 2012. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Similar properties in Henbury with a long lease were valued about £267,600. The average ground rent payable was £65 collected yearly. The lease lapsed in 2093. Having 67 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 plus fees.

Henbury case:

Last Christmas we were e-mailed by Mrs S Johnson , who was assigned a lease of a studio apartment in Henbury in June 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Henbury with 100 year plus lease were worth £201,200. The average amount of ground rent was £55 billed yearly. The lease concluded on 26 February 2082. Given that there were 56 years remaining we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.