Bradmore 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 gets more expensive. It is the case that most Bradmore tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Bradmore you must check if your lease has between seventy and 90 years left. There are good reasons why a Bradmore leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is effected without delay
It is generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Halifax | |
| Yorkshire Building Society |
Lease extensions in Bradmore can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 Bradmore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the freeholder of her leasehold apartment in Bradmore, Bethany initiated the lease extension process as the 80 year deadline was rapidly nearing. The lease extension completed in May 2012. The landlord’s costs were negotiated to less than 700 GBP.
In 2009 we were contacted by Mrs H Brooks who, having completed a basement apartment in Bradmore in April 2010. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparative residencies in Bradmore with an extended lease were worth £225,800. The average ground rent payable was £60 billed annually. The lease expired on 16 November 2086. Taking into account 60 years left we approximated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 plus expenses.
Ms Jodie Collins acquired a one bedroom apartment in Bradmore in September 2001. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical properties in Bradmore with a long lease were valued about £210,000. The average ground rent payable was £50 collected every twelve months. The lease ended in 2106. Taking into account 80 years remaining we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.