Bramford leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Bramford residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bramford you should see if your lease has between 70 and ninety years remaining. There are good reasons why a Bramford leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay
Leasehold properties in Bramford with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| The Mortgage Works |
The conveyancing solicitors that we work with handle Bramford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Noah was the the leasehold proprietor of a 2 bedroom flat in Bramford on the market with a lease of a little over sixty years remaining. Noah on an informal basis spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be due on a lease extension were Noah to exercise his statutory right. Noah procured expert advice and secured an acceptable deal informally and sell the flat.
Dr Samuel Green owned a one bedroom apartment in Bramford in November 1996. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Similar residencies in Bramford with an extended lease were worth £290,000. The mid-range amount of ground rent was £60 collected yearly. The lease terminated in 2106. Given that there were 80 years remaining we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including legals.
Last Autumn we were called by Dr W Davies , who owned a studio flat in Bramford in May 1999. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparative residencies in Bramford with 100 year plus lease were worth £200,800. The average ground rent payable was £65 invoiced quarterly. The lease terminated in 2086. Given that there were 60 years outstanding we approximated the premium to the landlord to extend the lease to be between £20,900 and £24,200 not including costs.