Top reasons for Bradmore lease extension

Main reasons to start your Bradmore lease extension today:

A Bradmore leasehold property depreciates with the years remaining on the lease.

Bradmore leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Bradmore tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Bradmore you would be well advised to investigate if your lease has between 70 and ninety years remaining. There are compelling reasons why a Bradmore flat owner with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Bradmore with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This will cause difficulties once you need to market or remortgage your property as it will be practically unmortgageable. Even though you may not have an imminent intention to sell but when you do your buyer must wait a couple of years before being able to start the legal procedures for a lease extension.

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

Engaging our service gives you better control over the value of your Bradmore leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bradmore Lease Extension Case Summaries:

Natasha, Bradmore, Birmingham,

Trailing unsuccessful correspondence with the landlord of her one bedroom apartment in Bradmore, Natasha initiated the lease extension process just as her lease was nearing the crucial eighty-year mark. The lease extension was concluded in July 2008. The freeholder’s fees were kept to an absolute minimum.

Bradmore case:

In 2012 we were e-mailed by Mrs Naomi Walker who, having purchased a ground floor flat in Bradmore in May 1999. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparable properties in Bradmore with a long lease were valued about £205,000. The mid-range ground rent payable was £50 invoiced yearly. The lease elapsed in 2105. Considering the 79 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.

Bradmore case:

Last month we were contacted by Dr N Bell , who was assigned a lease of a studio flat in Bradmore in October 2003. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative residencies in Bradmore with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £65 collected annually. The lease expired in 2094. Taking into account 68 years outstanding we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.