Main reasons to commence your Brackley lease extension

Top reasons for lease extension now:

A Brackley lease depreciates with the years remaining on the lease.

Brackley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Brackley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Brackley you should see if your lease has between 70 and ninety years left. There are compelling reasons why a Brackley flat owner with a lease having around eighty years remaining should take steps to make sure that a lease extension is effected without delay

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders will not issue a mortgage on a short lease

Lending institutions have specific criteria when lending funds secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term slips lower than a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years suitable security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Brackley property.

What makes us experts in Brackley lease extensions?

Lease extensions in Brackley can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Brackley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brackley Lease Extension Case Summaries:

Alex, Brackley, Northamptonshire

14 months ago Alex, came perilously near to the 80-year threshold with the lease on his ground floor apartment in Brackley. In buying his home 19 years ago, the unexpired term was of no importance. Fortunately, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Alex arranged for a lease extension just ahead of time last March. Alex and the landlord who owned the flat above eventually settled on sum of £5,000 . If the lease had slid to less than 80 years, the figure would have gone up by at least £925.

Brackley case:

Last Spring we were contacted by Mr Jack Green , who took over the lease of a purpose-built flat in Brackley in June 2011. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparable flats in Brackley with a long lease were worth £270,000. The average ground rent payable was £65 collected quarterly. The lease expiry date was on 26 October 2094. Given that there were 68 years left we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.

Brackley case:

Ms L Taylor took over the lease of a studio flat in Brackley in April 1996. The question was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar properties in Brackley with 100 year plus lease were worth £208,600. The average ground rent payable was £60 collected quarterly. The lease ended in 2083. Given that there were 57 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including costs.