Do you own a leasehold flat in Bristol? If so, you should be thinking about extending your lease. Those who delay lease extensions end up paying a heavy price – so get in touch with our solicitors today to get yours out of the way.
Bristol is currently home to more than 437,500 people, and it’s growing all the time. As a vibrant cultural hub, Bristol has an increasing rental and leasehold market with more and more people looking to buy a home in the city. In fact, the population has boomed from just 380,615 at the time of the 2001 census, making it one of the fastest growing cities in the UK.
The growing demand for properties in Bristol has meant that buying a leasehold flat or apartment has become increasingly popular – enabling, in particular, young people and couples to get on the housing ladder when perhaps they simply can’t manage the expense of buying a house.
Want to know more about lease extension question? Call our specialist solicitors on FREEPHONE 0800 1404544 for FREE initial phone advice – with no strings attached.
WHY BOTHER EXTENDING YOUR LEASE?
Extending your lease increases the value of your flat
The shorter the remaining length of your lease, the less valuable your property will be should you decide to sell.
Therefore, the longer your leave your leasehold extension, the more value you lose on the property. By contrast, properties with very long leases will hold far greater value and may even fetch a similar price to a flat with joint freehold. Extending your lease makes your flat easy to sell
Flats with short leases are often very hard to sell.
Potential buyers are almost always more likely to buy flats with longer leases. One of the reasons for that is that many lenders simply won’t lend on short leases. So if, for example you let your lease drop as low as 50, you may find that the only buyers able to purchase your property are cash buyers – and they’ll be looking for a real bargain and looking to drive your price down
Extend your Lease and pay zero ground rent
If you extend your lease you will only have to pay what is known as “a peppercorn rent” which is effectively zero. Most leases have clauses allowing for regular increases in ground rent – often every 10 years but sometimes more often. And older leases also tend to have much bigger permitted increases in those regular ground rent reviews. So paying a peppercorn rent can save you a lot of money
HOW WILL A SPECIALIST LEASE EXTENSION SOLICITOR HELP YOU?
If you instruct one of our lease extension solicitors you will be giving yourself the best chance of securing a fair deal for your lease extension. Many generalist lawyers today are tempted to experiment with lease extension work only to make serious mistakes. By contrast, our solicitors understand the complexities of this area of law and can help you with the following:
• Managing the lease extension timetable: strict deadlines apply to lease extension work so it is important that your solicitor is able to manage the process and collect all relevant information in time
• Finding a surveyor: it is crucial that you find a reputable surveyor to value your lease. Our solicitors will be able to put you in touch with experts
• Dealing with difficult landlords: Many landlords either refuse to co-operate or deliberately impede negotiations. The aim of this is to let your lease run down below the crucial 80 year mark when prices for extension rise dramatically. Should they continue to act obstructively, your solicitor will be able to apply to the First-Tier Property Tribunal
• Drafting legal documents and typing up loose ends post-completion
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BRISTOL LEASE EXTENSIONS – OUR EXPERT TEAM CAN HELP
If you instruct the specialist lease extension team and Bonallack & Bishop you will receive advice from acknowledged experts. And we are members of the Association of Leasehold Enfranchisement Solicitors.
Our three-strong team of leasehold extension experts contains a wealth of experience and would be happy to help you with your property – and lease extension and freehold purchase is all they do .
How much does lease extension cost? Click here to find out
WHAT DOES A LEASE EXTENSION VALUATION SURVEYOR DO?
If you’re going to extend your lease, you’ll need to instruct a specialist surveyor who specializes in determining the value of a property for the purpose of extending the lease. And very few surveyors specialise in this area.
Properly valuing the premium you will need to pay to your freeholder is important because it forms the basis of negotiations between the leaseholder and the freeholder regarding the cost of extending the lease.
The surveyor considers various factors such as the remaining length of the lease, the condition of the property, local property market trends, and the leaseholder’s right to extend their lease, among others. The surveyor will then provide an estimate of the cost of extending the lease, taking into account any potential increase in value that may result from the extension. This information can be used by both the leaseholder and the freeholder to reach an agreement on the terms of the lease extension.
With 25 years of experience in extending leases for leaseholders nationwide, we have developed an informal panel of surveyors who really understand lease extension valuation. If you would like an introduction to 1 of them who covers the Bristol area, just let us know. We regularly appoint specialist valuers on behalf of our clients as part of our one-stop shop service.
FOR ADVICE ON EXTENDING YOUR LEASE – CONTACT OUR SPECIALISTS TODAY
Remember that the cost of extending your lease goes up with every month that passes.
So take action and contact us today to start the lease extension process. We needn’t see you in person and should be able to complete your lease extension by phone, email and Skype.
- Just call us on FREEPHONE 0800 1404544 for a FREE initial phone consultation and a FREE quote for your lease extension, OR
- Complete the email contact form below