Main reasons to start your Braintree lease extension

Top reasons for lease extension now:

Increase your lease and increase your Braintree property value

Chances are that where you own a flat in Braintree you actually own a long leasehold interest over your property

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

Leasehold residencies in Braintree with in excess of one hundred years unexpired on the lease are often referred to as ‘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 upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not lend with a short lease

Banks and building societies are really restricting their approach as regards to properties in Braintree with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing the number of potential buyers.

Why use us for your lease extension in Braintree?

Irrespective of whether you are a tenant or a landlord in Braintree,the lease extension solicitors 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 Braintree valuers.

Braintree Lease Extension Case Studies:

Omar, Braintree, Essex,

Omar was the the leasehold proprietor of a conversion apartment in Braintree being marketed with a lease of just over 72 years unexpired. Omar on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Omar to exercise his statutory right. Omar obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

Braintree case:

Last March we were contacted by Mrs O Hill , who purchased a one bedroom flat in Braintree in October 2009. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparative flats in Braintree with a long lease were valued about £173,800. The average amount of ground rent was £60 billed monthly. The lease came to a finish on 20 November 2081. Given that there were 55 years unexpired we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.

Braintree case:

Last month we were phoned by Dr Freya Fournier , who took over the lease of a garden flat in Braintree in January 2011. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Identical premises in Braintree with 100 year plus lease were valued around £235,200. The mid-range amount of ground rent was £45 invoiced per annum. The lease ended in 2092. Given that there were 66 years unexpired we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including fees.