The market value of Bracknell leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is less than eighty years
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Bracknell can be a difficult process. We recommend you secure guidance from a conveyancer 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 a wealth of experience dealing with Bracknell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Connor was the the leasehold proprietor of a high value apartment in Bracknell being sold with a lease of a few days over sixty years left. Connor informally spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Connor to invoke his statutory right. Connor procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
In 2011 we were phoned by Mrs Sophie Laurent who, having acquired a studio flat in Bracknell in May 1998. We are asked if we could estimate the price would be to extend the lease by an additional years. Similar flats in Bracknell with a long lease were in the region of £290,000. The average amount of ground rent was £45 billed annually. The lease finished on 28 February 2098. Having 72 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of fees.
Dr G Khan owned a first floor apartment in Bracknell in October 2012. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical homes in Bracknell with 100 year plus lease were in the region of £233,200. The mid-range ground rent payable was £60 billed quarterly. The lease expired in 2087. Taking into account 61 years outstanding we estimated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 exclusive of expenses.