Main reasons to commence your Brampton lease extension

Main reasons to commence your Brampton lease extension today:

Increase your lease and increase your Brampton property value

The value of Brampton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Brampton with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

The trend since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies were content with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Brampton?

Using our service gives you increased control over the value of your Brampton leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Brampton Lease Extension Case Summaries:

Evan, Brampton, Cumbria

Last Summer Evan, started to get close to the 80-year mark with the lease on his studio apartment in Brampton. Having bought his property two decades ago, the length of the lease was of little concern. Fortunately, he became aware that he would imminently be paying an escalated premium for a lease extension. Evan arranged for a lease extension at the eleventh hour in September. Evan and the landlord ultimately settled on a premium of £5,000 . If the lease had descended to less than eighty years, the premium would have increased by at least £1,075.

Brampton case:

Last Autumn we were approach by Mr and Mrs. M King , who moved into a newly refurbished flat in Brampton in July 2001. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Similar residencies in Brampton with an extended lease were worth £290,000. The mid-range ground rent payable was £45 collected per annum. The lease expired in 2098. Given that there were 72 years left we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus professional charges.

Brampton case:

Last Winter we were e-mailed by Mrs P Mercier , who moved into a first floor flat in Brampton in July 2000. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Comparative properties in Brampton with an extended lease were in the region of £233,200. The mid-range amount of ground rent was £60 invoiced annually. The lease ran out on 2 January 2087. Taking into account 61 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 plus fees.