Stop! Your Lease Extension in Bracknell Could Be FREE

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Many leaseholders in Bracknell are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Bracknell has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Bracknell lease extension

Why you should commence your Bracknell lease extension today:

Increase your lease and increase your Bracknell property value

Chances are that if you own a flat in Bracknell you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Bracknell with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic when you come to market or refinance your flat as it will be practically unmortgageable. You may have no imminent desire to sell but when you do your purchaser must wait two years before they can exercise the right to a a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Bracknell?

The lawyers that we work with handle Bracknell 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 lawyer we work with provide it.

Bracknell Lease Extension Case Studies:

Max, Bracknell, Berkshire

Last year Max, started to get near to the eighty-year mark with the lease on his one bedroom apartment in Bracknell. Having bought his home 18 years ago, the lease term was of little significance. Fortunately, he recognised he would imminently be paying an escalated premium for Extending the lease. Max extended the lease just in the nick of time last July. Max and the freeholder via the managing agents ultimately settled on the final figure of £5,500 . If he not met the deadline, the premium would have escalated by a minimum £950.

Bracknell case:

Mr Charlie Collins took over the lease of a studio flat in Bracknell in September 2007. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar properties in Bracknell with an extended lease were in the region of £205,000. The average amount of ground rent was £50 collected monthly. The lease concluded in 2104. Taking into account 78 years left we approximated the premium to the landlord for the lease extension to be between £7,600 and £8,800 not including fees.

Bracknell case:

In 2009 we were e-mailed by Mr and Mrs. R López who, having acquired a studio flat in Bracknell in November 2010. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative homes in Bracknell with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 billed annually. The lease came to a finish in 2093. Considering the 67 years left we calculated the premium to the landlord to extend the lease to be within £14,300 and £16,400 plus fees.