Main reasons to commence your Bradwell lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bradwell property value

As the length of the unexpired term of a Bradwell residential lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of 100 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. The majority of flat owners in Bradwell will qualify for this right; however a conveyancer should be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend with a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term falls lower than a certain unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to remortgage your Bradwell property.

Why use us for your lease extension in Bradwell?

Regardless of whether you are a tenant or a landlord in Bradwell,the lease extension lawyers that we work with will always be happy 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 Case Summaries:

Kate, Bradwell, Milton Keynes,

Trailing lengthy negotiations with the landlord of her first floor flat in Bradwell, Kate initiated the lease extension process as the 80 year threshold was quickly coming. The lease extension was finalised in September 2007. The landlord’s fees were kept to an absolute minimum.

Bradwell case:

In 2009 we were called by Mr and Mrs. N Bell who, having bought a garden flat in Bradwell in June 2007. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparable homes in Bradwell with a long lease were valued about £300,000. The average amount of ground rent was £50 invoiced every twelve months. The lease ended in 2101. Taking into account 75 years left we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.

Bradwell case:

Dr Gemma Alexander moved into a newly refurbished apartment in Bradwell in August 2007. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Similar properties in Bradwell with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 billed per annum. The lease expired on 10 February 2090. Considering the 64 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of expenses.