Bradford leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Bradford will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are also strict deadlines and steps to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Bradford,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bradford valuers.
In the wake of 6 months of lengthy discussions with the freeholder of her two bedroom apartment in Bradford, Lauren started the lease extension process just as her lease was coming close to the crucial eighty-year mark. The transaction completed in April 2015. The freeholder’s fees were negotiated to below 450 pounds.
In 2010 we were called by Dr W Martínez who, having bought a first floor apartment in Bradford in April 2009. The question was if we could approximate the premium could be to extend the lease by 90 years. Comparative residencies in Bradford with an extended lease were valued around £300,000. The average amount of ground rent was £50 billed annually. The lease termination date was on 1 November 2102. Given that there were 76 years remaining we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.
Last Spring we were called by Dr Danielle Brooks , who bought a purpose-built flat in Bradford in April 1999. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparable flats in Bradford with a long lease were worth £252,800. The mid-range amount of ground rent was £65 collected yearly. The lease came to a finish in 2091. Taking into account 65 years left we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 not including fees.