Bracebridge Heath leases on domestic properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Bracebridge Heath will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Bracebridge Heath with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Using our service gives you better control over the value of your Bracebridge Heath leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Hugo owned a conversion apartment in Bracebridge Heath being marketed with a lease of fraction over 72 years left. Hugo on an informal basis approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Hugo to exercise his statutory right. Hugo obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Mr and Mrs. D Lefebvre owned a one bedroom flat in Bracebridge Heath in October 1997. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Similar homes in Bracebridge Heath with a long lease were worth £275,000. The mid-range amount of ground rent was £55 billed yearly. The lease finished in 2103. Given that there were 77 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.
Last Spring we were contacted by Mr Joseph Pérez , who completed a newly refurbished apartment in Bracebridge Heath in January 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Comparative premises in Bracebridge Heath with 100 year plus lease were worth £183,600. The mid-range amount of ground rent was £65 billed yearly. The lease elapsed in 2083. Having 57 years outstanding we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.