The nearer a residential lease in Bradmore gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, beyond one hundred years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Bradmore will qualify for this right; however a conveyancing solicitor can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Bradmore with more than one hundred years remaining 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 property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Bradmore can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge 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.
Daniel was the the leasehold proprietor of a studio flat in Bradmore being marketed with a lease of a few days over 72 years unexpired. Daniel on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Daniel to exercise his statutory right. Daniel procured expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
Last Christmas we were phoned by Mr H Campbell , who was assigned a lease of a recently refurbished flat in Bradmore in May 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Comparative premises in Bradmore with a long lease were in the region of £189,000. The average ground rent payable was £55 billed annually. The lease end date was in 2078. Considering the 53 years remaining we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including legals.
Last Summer we were called by Dr Aaron Morris , who acquired a studio flat in Bradmore in April 2012. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Identical flats in Bradmore with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ended in 2098. Given that there were 73 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.