Brampton Lease Extension - Free Consultation

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Why you should commence your Brampton lease extension


Main reasons to start your Brampton lease extension today:

Increase your lease and increase your Brampton property value

Brampton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Brampton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Brampton you would be well advised to investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

Brampton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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.

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

Using our service will provide you increased control over the value of your Brampton leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Brampton Lease Extension Example Cases:

Tyler, Brampton, Cumbria,

Tyler was the the leasehold owner of a high value flat in Brampton being sold with a lease of a few days over sixty years left. Tyler informally spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Tyler to invoke his statutory right. Tyler procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Brampton case:

Dr B Lambert acquired a one bedroom apartment in Brampton in November 1998. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable premises in Brampton with 100 year plus lease were valued about £275,000. The average ground rent payable was £45 invoiced every twelve months. The lease lapsed in 2093. Given that there were 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.

Brampton case:

Last month we were e-mailed by Mr and Mrs. A André , who moved into a ground floor flat in Brampton in February 1996. The question was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable properties in Brampton with a long lease were worth £216,000. The average ground rent payable was £60 billed monthly. The lease finished on 17 May 2082. Taking into account 58 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 plus expenses.