The closer a domestic lease in Bramford nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than 99 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Bramford will qualify for this right; however a conveyancer will be able to confirm 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.
Leasehold residencies in Bramford with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Bramford can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 in-depth market knowledge 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.
Connor was the the leasehold owner of a 2 bedroom flat in Bramford being sold with a lease of just over 61 years left. Connor informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Connor to exercise his statutory right. Connor obtained expert advice and secured an acceptable resolution informally and sell the property.
Mr Logan Carter purchased a one bedroom flat in Bramford in September 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Identical homes in Bramford with an extended lease were in the region of £200,800. The mid-range amount of ground rent was £65 billed per annum. The lease finished in 2085. Given that there were 60 years unexpired we approximated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of expenses.
Last Christmas we were approach by Mrs Louise Roux , who purchased a first floor flat in Bramford in June 2005. The question was if we could approximate the price could be for a 90 year extension to my lease. Similar flats in Bramford with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 collected annually. The lease ended in 2095. Given that there were 70 years as a residual term we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.