Bramhall leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Bramhall will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Bramhall can be a difficult process. We recommend you get guidance 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 Bramhall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Max was the the leasehold owner of a studio flat in Bramhall being sold with a lease of just over sixty years outstanding. Max informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder was keen 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 annually. Ordinarily, ground rent would not be due on a lease extension were Max to invoke his statutory right. Max obtained expert legal guidance and secured an acceptable resolution informally and sell the flat.
Last November we were e-mailed by Mr and Mrs. B Howard , who purchased a garden apartment in Bramhall in September 2004. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Identical properties in Bramhall with a long lease were valued about £265,000. The mid-range ground rent payable was £50 collected every twelve months. The lease terminated on 27 September 2099. Given that there were 73 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
Mrs J Nguyen acquired a garden flat in Bramhall in October 2002. The question was if we could approximate the premium would be to extend the lease by a further 90 years. Comparative properties in Bramhall with a long lease were valued about £264,000. The average amount of ground rent was £60 billed monthly. The lease concluded in 2079. Having 53 years unexpired we estimated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 not including fees.