Why you should start your Bramford lease extension

Top reasons for lease extension now:

A Bramford lease depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Bramford is impacted by how long the lease has remaining. If it is close to or less than eighty years you should anticipate difficulties on re-sale, so it is advisable to arrange for the lease to be extended prior to purchasing. It is ideal to start the lease extension process when a lease still has 82 years unexpired so that all matters can be addressed well before the eighty year threshold. Leasehold Reform legislation enables Bramford qualifying lessees to an additional term of ninety years on top of the remaining term, at a notional rent (no ground rent). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not lend with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is likely that someone intending to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Bramford lease extensions?

Lease extensions in Bramford can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Bramford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bramford Lease Extension Example Cases:

Nicole, Bramford, Suffolk,

After unsuccessful correspondence with the freeholder of her garden apartment in Bramford, Nicole started the lease extension process just as the lease was approaching the critical eighty-year threshold. The transaction was concluded in April 2011. The landlord’s costs were kept to an absolute minimum.

Bramford case:

In 2014 we were phoned by Ms Phoebe Clark who, having moved into a studio flat in Bramford in August 2006. We are asked if we could approximate the price would be for a 90 year lease extension. Similar properties in Bramford with an extended lease were valued about £250,000. The average ground rent payable was £50 collected yearly. The lease expiry date was on 3 June 2094. Given that there were 68 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.

Bramford case:

In 2011 we were called by Dr I Gómez who, having acquired a newly refurbished apartment in Bramford in November 2002. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Bramford with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease terminated in 2105. Taking into account 79 years left we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.