Main reasons to start your Bramley lease extension

Top reasons for lease extension now:

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

The market value of Bramley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is below than eighty years

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

It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders may not lend on a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below seventy years suitable security. As well as this being important when selling, it is also relevant where you are intending to refinance your Bramley property.

Why use us for your lease extension in Bramley?

Regardless of whether you are a tenant or a freeholder in Bramley,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bramley valuers.

Bramley Lease Extension Example Cases:

Daisy, Bramley, Leeds,

Off the back of protracted negotiations with the landlord of her two bedroom apartment in Bramley, Daisy commenced the lease extension process as the 80 year mark was fast nearing. The lease extension was finalised in April 2015. The freeholder’s fees were kept to an absolute minimum.

Bramley case:

Last month we were approach by Ms S Morel , who completed a basement apartment in Bramley in July 2006. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Identical homes in Bramley with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 invoiced yearly. The lease ran out in 2079. Having 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of costs.

Bramley case:

Mrs V Jones was assigned a lease of a garden flat in Bramley in August 2012. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical premises in Bramley with a long lease were valued about £225,400. The mid-range amount of ground rent was £45 invoiced per annum. The lease came to a finish in 2090. Given that there were 64 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 exclusive of legals.