Why you should start your Bramhall lease extension

Main reasons to start your Bramhall lease extension today:

Increase your lease and increase your Bramhall property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Bramhall can extend the lease for an additional ninety years under statute. Please think carefully before delaying your Bramhall lease extension. Postponing that expense now simply escalates the price you will ultimately have to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not loan monies with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold homes. Many will simply refuse lend at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are seeking to refinance your Bramhall home.

What makes us experts in Bramhall lease extensions?

Engaging our service will provide you better control over the value of your Bramhall leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bramhall Lease Extension Example Cases:

Isabel, Bramhall, Manchester,

Subsequent to unsuccessful negotiations with the freeholder of her studio flat in Bramhall, Isabel commenced the lease extension process as the eighty year threshold was rapidly nearing. The transaction was finalised in October 2007. The landlord’s costs were restricted to approximately 550 pounds.

Bramhall case:

Dr Eliot Nelson completed a one bedroom flat in Bramhall in May 1997. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Comparable properties in Bramhall with 100 year plus lease were worth £166,400. The average amount of ground rent was £60 invoiced monthly. The lease expired in 2080. Having 54 years remaining we approximated the premium to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of legals.

Bramhall case:

Last year we were contacted by Mr Aarav Scott , who acquired a one bedroom flat in Bramhall in November 2000. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Comparable flats in Bramhall with 100 year plus lease were in the region of £227,800. The mid-range ground rent payable was £45 collected every twelve months. The lease lapsed on 1 April 2091. Taking into account 65 years remaining we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including professional charges.