Bradley Stoke Lease Extension - Free Consultation

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Why you should start your Bradley Stoke lease extension


Top reasons for lease extension now:

A Bradley Stoke leasehold property depreciates with the years remaining on the lease.

When it comes to domestic leasehold property in Bradley Stoke, you effectively rent it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly once there are fewer than eighty years remaining. Leasehold owners in Bradley Stoke with a lease approaching 81 years left should seriously think of extending it without delay. When a lease has fewer than eighty years left, under the relevant statute the freeholder is entitled to calculate and demand a larger premium, based on a technical multiplication, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not issue a mortgage on a short lease

Many mortgage lenders will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your Bradley Stoke property becoming difficult to sell or remortgage.

Lender Requirement
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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Bradley Stoke lease extensions?

The lawyers that we work with undertake Bradley Stoke 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.

Bradley Stoke Lease Extension Case Studies:

Georgia, Bradley Stoke, Bristol,

Subsequent to lengthy negotiations with the landlord of her purpose-built apartment in Bradley Stoke, Georgia started the lease extension process just as the lease was approaching the crucial 80-year deadline. The lease extension was concluded in May 2010. The landlord’s charges were kept to an absolute minimum.

Bradley Stoke case:

Last month we were e-mailed by Mrs Eleanor Rose , who completed a basement flat in Bradley Stoke in February 2005. The question was if we could estimate the price would be to extend the lease by an additional years. Comparable residencies in Bradley Stoke with a long lease were in the region of £223,400. The average ground rent payable was £60 collected per annum. The lease expired in 2083. Given that there were 59 years remaining we estimated the premium to the landlord for the lease extension to be between £27,600 and £31,800 plus legals.

Bradley Stoke case:

Dr C Martinez moved into a first floor apartment in Bradley Stoke in October 2010. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar premises in Bradley Stoke with an extended lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected monthly. The lease expired in 2103. Considering the 79 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.