Brackley 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 becomes more expensive. Legislation has been in place for sometime now allowing qualifying Brackley residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Brackley you really ought to investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB | |
| Virgin |
Lease extensions in Brackley can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience 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.
16 months ago Dexter, started to get near to the eighty-year threshold with the lease on his first floor flat in Brackley. In buying his home two decades ago, the length of the lease was of little significance. by good luck, he noticed he would soon be paying an escalated premium for Extending the lease. Dexter extended the lease just in the nick of time last August. Dexter and the landlord who owned the flat above eventually settled on the final figure of £6,000 . If the lease had dipped to less than 80 years, the premium would have escalated by a minimum £1,100.
In 2010 we were approached by Dr David Ali who, having took over the lease of a garden flat in Brackley in May 1998. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative homes in Brackley with 100 year plus lease were worth £201,200. The mid-range amount of ground rent was £55 billed every twelve months. The lease elapsed in 2082. Having 56 years unexpired we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of legals.
Last Winter we were e-mailed by Mr and Mrs. E Carter , who took over the lease of a ground floor flat in Brackley in July 1999. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Comparable homes in Brackley with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 collected annually. The lease expired in 2102. Having 76 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.