The only way is down when it comes to Bramley lease terms. Bramley flats that have a residual term lower than 80 years will reduce in value at a rapid rate, and the cost of extending your lease will rise.
It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancers that we work with undertake Bramley 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 conveyancer we work with provide it.
Following unsuccessful discussions with the freeholder of her basement apartment in Bramley, Rhiannon initiated the lease extension process just as the lease was nearing the all-important eighty-year mark. The transaction was finalised in August 2005. The landlord’s fees were kept to an absolute minimum.
Dr Max Lambert acquired a studio apartment in Bramley in March 1998. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar homes in Bramley with an extended lease were in the region of £200,800. The average ground rent payable was £65 invoiced every twelve months. The lease concluded on 16 October 2085. Given that there were 60 years outstanding we approximated the premium to the landlord for the lease extension to be within £20,900 and £24,200 not including professional charges.
Dr R Watson completed a purpose-built apartment in Bramley in August 2001. The dilemma was if we could estimate the price would be to prolong the lease by an additional years. Similar properties in Bramley with an extended lease were valued about £260,000. The mid-range ground rent payable was £50 billed quarterly. The lease concluded in 2096. Given that there were 71 years remaining we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.