Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Brampton. Inevitably, the term of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the residence has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Brampton have the right to extend the lease for an additional 90 years under legislation. You should give careful attention before putting off your Brampton lease extension. Holding off that expense now likely increases the price you will ultimately incur to extend your lease
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Brampton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 Brampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Lucas owned a high value flat in Brampton on the market with a lease of a little over sixty years remaining. Lucas informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Lucas to exercise his statutory right. Lucas procured expert legal guidance and secured satisfactory deal informally and sell the property.
Mr Joseph Thomas completed a one bedroom apartment in Brampton in August 2009. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative properties in Brampton with 100 year plus lease were worth £200,000. The average amount of ground rent was £50 invoiced annually. The lease elapsed in 2102. Considering the 77 years unexpired we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.
In 2011 we were e-mailed by Mr and Mrs. N Reed who, having took over the lease of a newly refurbished flat in Brampton in October 2009. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical premises in Brampton with 100 year plus lease were valued about £265,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease elapsed in 2091. Taking into account 66 years unexpired we approximated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 not including legals.