Why you should commence your Bramley lease extension

Main reasons to start your Bramley lease extension today:

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

For anyone whose Bramley flat is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

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

Leasehold residencies in Bramley with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not lend with a short lease

Most banks and building societies require a lengthy amount of time left on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wanting to acquire your property in the future might well do, so if they are unable to get a mortgage, then the financial worth of your property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Bramley lease extensions?

Regardless of whether you are a tenant or a landlord 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:

Lauren, Bramley, Leeds,

Following lengthy correspondence with the freeholder of her two bedroom flat in Bramley, Lauren commenced the lease extension process just as her lease was nearing the crucial 80-year mark. The lease extension was concluded in May 2009. The landlord’s charges were kept to an absolute minimum.

Bramley case:

In 2013 we were called by Mr Eli Young who, having purchased a one bedroom apartment in Bramley in October 1996. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Comparative premises in Bramley with an extended lease were valued about £227,800. The average ground rent payable was £45 invoiced per annum. The lease elapsed on 15 October 2091. Having 65 years outstanding we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.

Bramley case:

Mr and Mrs. H Allen moved into a basement apartment in Bramley in November 2010. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical residencies in Bramley with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease ran out in 2102. Having 76 years remaining we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.