Main reasons to commence your Henbury lease extension

Top reasons for lease extension now:

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

Henbury leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the existing lease drops under eighty years - otherwise a higher premium will be due. Leasehold owners in Henbury will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are also strict deadlines and steps to follow once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

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

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lenders will not loan monies on a short lease

Most mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you need a mortgage, you should be conscious that it is likely that someone intending to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Henbury lease extensions?

Regardless of whether you are a tenant or a landlord in Henbury,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 Henbury valuers.

Henbury Lease Extension Example Cases:

Jack, Henbury, Bristol

Last Autumn Jack, came precariously close to the 80-year mark with the lease on his studio flat in Henbury. In buying his home 19 years previously, the length of the lease was of minimal interest. Thankfully, he realised he would soon be paying an inflated amount for Extending the lease. Jack arranged for a lease extension just ahead of time in August. Jack and the freeholder ultimately agreed on an amount of £5,000 . If he failed to meet the deadline, the sum would have increased by at least £1,100.

Henbury case:

Last Christmas we were contacted by Mr and Mrs. C Taylor , who completed a ground floor apartment in Henbury in September 2002. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical premises in Henbury with a long lease were worth £205,000. The mid-range amount of ground rent was £50 billed yearly. The lease concluded on 9 March 2105. Considering the 79 years unexpired we estimated the premium to the freeholder for the lease extension to be within £7,600 and £8,800 exclusive of expenses.

Henbury case:

In 2012 we were e-mailed by Mr and Mrs. S Mitchell who, having moved into a one bedroom apartment in Henbury in April 2001. The question was if we could estimate the price could be to prolong the lease by a further 90 years. Comparative flats in Henbury with an extended lease were worth £270,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ran out in 2094. Given that there were 68 years left we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.