Main reasons to commence your Bracknell lease extension

Why you should start your Bracknell lease extension today:

Increase your lease and increase your Bracknell property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Bracknell. Inevitably, the term of lease remaining shortens over time. This may pass by relatively unnoticed when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Bracknell have the legal entitlement to extend the lease for a further ninety years in accordance with statute. You should give due consideration before delaying your Bracknell lease extension. Holding off the cost now simply increases the price you will ultimately incur for a lease extension

Bracknell property with a lease extension has roughly the same value as a freehold

Leasehold properties in Bracknell with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will cause difficulties when you need to market or remortgage your property as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer will have to hold off for 2 years before being able to exercise the right to a a lease extension.

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

Lease extensions in Bracknell can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 procuring Bracknell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bracknell Lease Extension Example Cases:

Charlie, Bracknell, Berkshire

18 months ago Charlie, started to get near to the eighty-year threshold with the lease on his studio apartment in Bracknell. In buying his home two decades ago, the unexpired term was of minimal bearing. by good luck, he noticed he would imminently be paying an escalated premium for a lease extension. Charlie extended the lease just ahead of time in June. Charlie and the landlord who owned the flat above subsequently agreed on an amount of £5,000 . If the lease had slipped lower than eighty years, the figure would have increased by at least £925.

Bracknell case:

In 2012 we were called by Mrs Chelsea Murphy who, having purchased a ground floor flat in Bracknell in January 2007. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparable residencies in Bracknell with an extended lease were valued around £275,000. The mid-range amount of ground rent was £65 billed monthly. The lease concluded on 1 October 2094. Considering the 68 years unexpired we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.

Bracknell case:

Mr and Mrs. Y Dupont moved into a one bedroom flat in Bracknell in February 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Bracknell with an extended lease were valued around £213,600. The average amount of ground rent was £60 billed per annum. The lease lapsed on 6 August 2083. Taking into account 57 years unexpired we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of expenses.