Top reasons for Bradwell lease extension

Main reasons to start your Bradwell lease extension today:

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

As the length of the unexpired term of a Bradwell domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, over 125 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in Bradwell will meet the qualifying criteria; however a conveyancing solicitor will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not loan monies on a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years suitable security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Bradwell property.

What makes us experts in Bradwell lease extensions?

Regardless of whether you are a tenant or a freeholder in Bradwell,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bradwell valuers.

Bradwell Lease Extension Example Cases:

Ollie, Bradwell, Milton Keynes

14 months ago Ollie, started to get near to the eighty-year mark with the lease on his one bedroom flat in Bradwell. Having bought his home two decades ago, the unexpired term was of no interest. Luckily, he noticed he needed to take action soon on Extending the lease. Ollie was able to extend his lease just under the wire in March. Ollie and the landlord who owned the flat above in the end settled on an amount of £5,000 . If the lease had slipped lower than eighty years, the premium would have become more exhorbitant by at least £900.

Bradwell case:

Mr G Jones completed a one bedroom flat in Bradwell in October 2011. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparable premises in Bradwell with 100 year plus lease were worth £206,200. The average amount of ground rent was £60 collected every twelve months. The lease ran out on 28 November 2082. Considering the 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus legals.

Bradwell case:

Ms A Hernández took over the lease of a one bedroom apartment in Bradwell in August 2005. We are asked if we could estimate the price could be for a 90 year lease extension. Similar homes in Bradwell with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 billed every twelve months. The lease ran out on 16 March 2102. Taking into account 76 years remaining we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.